MMG buys two strip malls in southwest Miami-Dade

Properties total over 7 acres

TRD MIAMI /
Jan.January 15, 2020 09:45 AM
Naranja Plaza, Westlake Plaza, and Marcos Puente

Naranja Plaza, Westlake Plaza, and Marcos Puente

MMG Equity Partners paid $12.7 million for two shopping centers in southwest Miami-Dade County.

MMG closed on Naranja Plaza at 27000 to 27100 South Dixie Highway for $7.1 million, or $139 per square foot. It also purchased Westlake Plaza, at 10969 Southwest 40th Street, for $5.6 million, or $128 per square foot, according to a press release.

The real estate investment company financed the deals with a $9.5 million acquisition and construction loan from Amerant Bank.

Property records show D&G Properties sold Naranja Plaza, a 51,246-square-foot strip mall. The shopping center is anchored by Dollar General. It last sold for $650,000 in 1993. The building was developed in 1980 on 4 acres along South Dixie Highway. It’s fully leased, according to the release.

JLS Const. Corp. sold the Bird Road property, Westlake Plaza. The company is also tied to Sevell & Duncan Realty Services. Westlake Plaza has 43,781 square feet of retail space across five buildings, with Presidente Supermarket as an anchor tenant. The 3.2-acre property was developed in 1959.

Both shopping centers are in Urban Town Center Zoning Districts. Marcos Puente, director of acquisitions for MMG, said in the release that the value-add strip centers are “a rarity in today’s market,” as both are in infill locations, also known as mostly developed areas.

“The potential for both properties is enormous, given that our average net rents are $9.50 and $14/psf at Naranja and Westlake, respectively,” Puente said in the release. “Market rent at each is more than double our current rates. We look forward to significantly renovating both assets and seeing the finished product within the next 2-3 years.”

MMG, led by CEO Gabriel Navarro, who previously led Navarro Discount Pharmacies, has been buying up shopping centers throughout South Florida.

In November, the firm paid $16 million for the Centre at Cutler Bay shopping center in Cutler Bay. Months earlier, MMG, CREC Capital and Highline Real Estate paid $62.2 million for one of the largest shopping centers in south Miami-Dade County, the Homestead Pavilion at 2400 Northeast 10th Court.


Related Articles

arrow_forward_ios
Hard Rock Cafe at Bayside Marketplace (Hard Rock)

Bayside Marketplace sues to evict Bubba Gump, Hard Rock Cafe and three other tenants

Bayside Marketplace sues to evict Bubba Gump, Hard Rock Cafe and three other tenants
Commissioner Ricky Arriola and an aerial of Sunset Harbour in Miami Beach (Compass)

Miami Beach moves toward banning chain restaurants and stores in Sunset Harbour

Miami Beach moves toward banning chain restaurants and stores in Sunset Harbour
Diane Von Furstenberg, Brookfield Properties Bruce Flatt, and the DVF store in the Shops at Merrick Park (Getty, Google Maps)

Brookfield seeks to evict Diane Von Furstenberg at Merrick Park

Brookfield seeks to evict Diane Von Furstenberg at Merrick Park
Rendering of American Dream Miami, Triple Five Group chairman Nader Ghermezian

Triple Five “inching closer” to construction on American Dream Miami

Triple Five “inching closer” to construction on American Dream Miami
4402-4678 North University Drive, Todd Nepola

Miami Beach parking lot mogul sells retail center in Lauderhill for $13M

Miami Beach parking lot mogul sells retail center in Lauderhill for $13M
Mitchell Kaplan and Books & Books at 927 Lincoln Road (Google Maps) 

Books & Books closes its chapter on Lincoln Road

Books & Books closes its chapter on Lincoln Road
Diesel USA and Original Penguin Lincoln Road stores skipped April and May rent payments: lawsuit

Diesel USA and Original Penguin Lincoln Road stores skipped April and May rent payments: lawsuit

Diesel USA and Original Penguin Lincoln Road stores skipped April and May rent payments: lawsuit
Jeff Bezos and 700 Lincoln Road (Getty, Lincoln Road BID)

Amazon to open store on Lincoln Road

Amazon to open store on Lincoln Road
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...