B Group Capital Management buys Shoppes of Coral Way in Miami for $24M

Sale of nearly 49K sf shopping center equates to $484 psf

B Group Capital Management CEO Sebastian Barbagallo with Shoppes of Coral Way (LinkedIn via Barbagallo, The Olson Kristol Group of Marcus & Millichap)
B Group Capital Management CEO Sebastian Barbagallo with Shoppes of Coral Way (LinkedIn via Barbagallo, The Olson Kristol Group of Marcus & Millichap)

B Group Capital Management bought the Shoppes of Coral Way in Miami for $23.7 million.

The Miami-based firm scooped up the retail center at 2690 Southwest 22nd Street from private investor Rajen Properties, according to a news release.

Kirk Olson and Drew Kristol of Marcus & Millichap handled the deal, after listing the property in September 2020. The sale price is close to the asking price at the time of $24.2 million.

The CVS- and Office Depot-anchored plaza is fully leased, according to Olson. Other tenants include T-Mobile, UPS and a vitamin store.

The sale of the 48,993-square-foot shopping center equates to $484 per square foot.

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Property records show the plaza was built in 1995 and spans 3.2 acres. Miami-based private investor Rajen Properties, tied to investor Arnold Wax, bought the center in 2015 for $21 million.

B Group Capital, led by CEO Sebastian Barbagallo, is a newly formed group from family owned real estate conglomerate B Group Holding, according to the release. The holding company is a developer, manager and investor in commercial and residential property.

The South Florida retail market has shown signs of improvement amid the coronavirus pandemic.

In Miami-Dade, the second-quarter retail vacancy rate decreased to 4.3 percent from 4.4 percent, according to Colliers.

Among recent retail deals, Black Lion Investment Group bought the retail condo at the SLS Lux Brickell for $13.5 million in July; and Alto Real Estate Funds purchased a Lincoln Road retail property building in May for $18.9 million.