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
    Hilarie Bass (The Bass Institute) and 3591 Rockerman Road, Miami (Toni Schrager / Brown Harris Stevens Miami)
    Former Greenberg Traurig co-president sells waterfront Coconut Grove home for $16M
    Former Greenberg Traurig co-president sells waterfront Coconut Grove home for $16M
    Terra’s David Martin and 1177 Kane Concourse (Google Maps)
    Terra paid $32M for Bay Harbor Islands development site
    Terra paid $32M for Bay Harbor Islands development site
    Charlene and the late Ron Esserman with an aerial of the Coconut Grove home (Google Maps, the Miami Foundation)
    Charlene Esserman sells waterfront Coconut Grove home for $15M
    Charlene Esserman sells waterfront Coconut Grove home for $15M
    Fuse Group Investment CEO Eyal Peretz and attorney Michael Ehrenstein (Fuse, Ehrenstein Sager, Twitter via GUT Miami)
    Fuse Group acquires Security Building in downtown Miami, plans to sue WeWork for alleged lease breach
    Fuse Group acquires Security Building in downtown Miami, plans to sue WeWork for alleged lease breach
    4412 North Bay Road
    North Bay Road mansion sells for $25M, nearly double its purchase price two years ago
    North Bay Road mansion sells for $25M, nearly double its purchase price two years ago
    Leon Ojalvo with Blue Lake Village Apartments (SRE Commercial Group)
    Investor buys multifamily complex near Miami Shores for $15M
    Investor buys multifamily complex near Miami Shores for $15M
    The six-bedroom Coral Gables house. (Compass / Zignavisual Photography, Del Toro Insurance)
    Del Toro Insurance tycoons buy waterfront mansion in Coral Gables for $6M
    Del Toro Insurance tycoons buy waterfront mansion in Coral Gables for $6M
    David J. Blumberg and 415 Center Island Drive (Google Maps, Blumberg Capital)
    Blumberg Capital founder buys waterfront Golden Beach home for $11M
    Blumberg Capital founder buys waterfront Golden Beach home for $11M
    arrow_forward_ios

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

    Loading...