MMG Equity Partners sells Homestead shopping center for $23M

The property sold for $265 psf

Feb.February 26, 2020 04:30 PM
MMG Equity Gabriel Navarro and 3338 Northeast 7th Street (Credit: Google Maps)

MMG Equity Gabriel Navarro and 3338 Northeast 7th Street (Credit: Google Maps)

MMG Equity Partners sold a Homestead shopping center anchored by Presidente Supermarket for $22.7 million, reflecting growing demand for commercial properties in south Miami-Dade County.

MMG Equity Partners sold the 85,714-square-foot Crystal Lakes Shopping Center at 3338 Northeast 7th Street for $265 per square foot. The buyer is VF4 Crystal Lake, LLC, managed by Jose Chacalo Hilu of Coral Gables.

The sale comes at a time when south Miami-Dade County is seeing a boom in new residential development and population. The uptick in residential growth is also leading to increased interest in commercial properties.

In addition to Presidente Supermarket, Crystal Lakes Shopping Center’s tenants include 24-Hour Fitness and Goodwill. MMG developed the shopping center in 2019. The property was last purchased in $3.9 million in 2006, records show.

Kirk Olson and Drew Kristol of Marcus & Millichap represented the seller in the deal.

MMG, led by Gabriel Navarro, has been active in south Miami-Dade. Last month, MMG paid $12.7 million for two shopping centers, including one at 27000-27100 South Dixie Highway for $7.1 million. It also purchased Westlake Plaza, at 10969 Southwest 40th Street, for $5.6 million.

In November, the firm paid $16 million for the Centre at Cutler Bay shopping center in Cutler Bay. In June, 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.

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