A royal deal: Majestic Plaza shopping center sells in Westchester
The retail center sold for $255 psf
A North Miami Beach investor purchased a shopping center in Westchester for $13 million amid a development boom in the western part of Miami-Dade County.
Majestic Center Plaza LLC, led by Offer Ramim, bought the 50,917-square-foot Majestic Plaza property at 8100 Southwest 8th Street for $255 per square foot, records show. The shopping center sits on a 101,146-square-foot lot.
Majestic Center Plaza Shopping Center LLC, managed by Steven Levy and Albert Russo of Hialeah, sold the retail center.
The property was last purchased for $4 million in 1986, records show.
The shopping center was built in 1984 and consists of small offices for doctors, dry cleaners, as well as tenants such as Breadman Bakery and InstaLoan. It sits right off State Road 826.
Westchester and western Miami-Dade are gaining interest from developers as home prices and rents are becoming more expensive in Miami’s urban core, forcing people to move further west.
Near the shopping center, Estate Investments Group is building the 306-unit Soleste Almeda apartment project at 6290 and 6320 Southwest 8th Street, with rents averaging $1,600 per month.
In August, Westover Companies bought a 331-unit apartment complex near Westchester at 9615 Southwest 24th Street for $55 million.