MMG Equity Partners sells Homestead shopping center for $23M

The property sold for $265 psf

TRD MIAMI /
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.


Related Articles

arrow_forward_ios
Barry Sternlicht and the Villa Biscayne Apartments (Credit: Highmark Residential/VHT Studios)

Starwood snags Homestead apartment complex for $28M

Naranja Plaza, Westlake Plaza, and Marcos Puente

MMG buys two strip malls in southwest Miami-Dade

Homestead school and Achikam Yogev

Aspira sells third South Florida charter school

The Eureka Drive site, Deme Mekras, Elliot Shainberg

Garco buys Miami-Dade land for multifamily project

18901 Southwest 106th Avenue, MMG Equity Partners CEO Gabriel Navarro (Credit: Google Maps)

MMG Equity Partners picks up retail center in Cutler Bay

1075 Southeast Sixth Avenue and Arnaldo Bomnin (Credit: Google Maps)

Auto magnate sells a Homestead dealership for $19M

NextEra Energy CEO James Robo and the property off the Florida Turnpike at Southwest 261st Street (Credit: Facebook and Google Maps)

FPL buys 109 acres near Homestead for natural gas facility

Stuart Miller and Southwest 152nd Avenue in Homestead

Lennar picks up land assemblage in Homestead

arrow_forward_ios
Loading...