Core pays $19M for shopping center near FIU

Tenants include Goodwill, AutoZone and CVS

Miami /
Jun.June 08, 2021 01:30 PM
9720 Southwest Eighth Street in Miami and Core managing principals Adam Greenberg and Michael Lapointe (inset) (Google Maps, Core IPF)

9720 Southwest Eighth Street in Miami and Core managing principals Adam Greenberg and Michael Lapointe (inset) (Google Maps, Core IPF)

Core paid $19 million for a shopping plaza near Florida International University’s Modesto A. Maidique Campus in west Miami-Dade County.

The Miami-based real estate investor, through an affiliate, bought the retail property at 9720 Southwest Eighth Street from two sellers tied to Miami-based Orion Real Estate Group, records show.

The seller bought the 60,692-square-foot retail center in 2014 for $13.4 million. It was built in 1966 on 4.7 acres, according to property records.

Tenants include a Goodwill store, an AutoZone Auto Parts, a CVS and money transfer service MoneyGram. The property is in the unincorporated Miami-Dade neighborhood of University Park.

Core, led by Adam Greenberg and Michael Lapointe, invests mainly in office and retail real estate, with a focus on adding value to properties in secondary markets, according to its website. It owns and operates 1 million square feet across the Southeast.

In March 2020, Core, together with Miami Beach-based TRG SBV II Owner LLC, bought two industrial properties, a retail center and a bank branch in Miami Gardens for $33.6 million.

Orion Real Estate, founded in 1978 by Executive Chairman Joseph Sanz, has a $1 billion commercial real estate portfolio in the U.S. and Canada, according to its website. Aside from investment, the group also has brokerage, capital sourcing and development arms. It also works on deal structuring and sale-leasebacks.

In March, Orion bought a Pinecrest office and retail center at 12651 South Dixie Highway for $32 million.

In other recent retail deals in unincorporated Miami-Dade, self-storage provider A+ Storage in April bought an Aldi-anchored shopping center in West Kendall for $22.4 million.





    Related Articles

    arrow_forward_ios
    Coral Rock Development Group’s Stephen Blumenthal, David Brown, Victor Brown and Michael Wohl with rendering of Card Sound Key Apartments
    Coral Rock plans mixed-income rental complex in Florida City
    Coral Rock plans mixed-income rental complex in Florida City
    Treo Construction's Ricardo Halfen and 422 Golden Beach Drive
    Homebuilder sells waterfront Golden Beach spec house for $15M
    Homebuilder sells waterfront Golden Beach spec house for $15M
    Miami Skyline
    South Florida by the numbers: A look back at 2022
    South Florida by the numbers: A look back at 2022
    Arte Surfside at 8955 Collins Avenue
    Arte Surfside closing tops Miami-Dade weekly condo sales
    Arte Surfside closing tops Miami-Dade weekly condo sales
    Z Capital’s James Zenni Jr. with Carillon Miami Wellness Resort at 6801 Collins Avenue
    Carillon Miami Beach condo owners win suit over Z Capital’s “dictatorship”
    Carillon Miami Beach condo owners win suit over Z Capital’s “dictatorship”
    From left: Simon Property Group’s David Simon and Cohen Brothers Realty's Charles Cohen with the Dadeland Mall and the Design Center of the Americas (Getty, Scott Francis)From left: Simon Property Group’s David Simon and Cohen Brothers Realty's Charles Cohen with the Dadeland Mall and the Design Center of the Americas
    Lease roundup: Simon’s Dadeland Mall reaps leasing bonanza
    Lease roundup: Simon’s Dadeland Mall reaps leasing bonanza
    Crunch Fitness and Big Move Properties' Douglas Levine with aerial of 400 Northeast 67th Street
    Crunch Fitness founder plans adaptive reuse project in Little Haiti
    Crunch Fitness founder plans adaptive reuse project in Little Haiti
    John Ruiz with 530 Arvida Parkway
    John Ruiz sells waterfront Gables Estates home for discounted $30M
    John Ruiz sells waterfront Gables Estates home for discounted $30M
    arrow_forward_ios

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

    Loading...