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MMG buys two strip malls in southwest Miami-Dade
Properties total over 7 acres
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.