search

The Real Deal Logo

Trending

H-E-B snags 21 acres in Celina, hinting at development boomH-E-B snags 21 acres in Celina, hinting at development boomRent board’s 4% hike will “plunge” buildings into distress: landlordsRent board’s 4% hike will “plunge” buildings into distress: landlords“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment deal“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment dealLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421a
Commercial
South Florida

Brooklyn investment group buys two Miami Gardens shopping centers for $47M

One Stop Management bought Las Villas Market Square and Miami Gardens Shopping Plaza

4705 NW 183rd Street and 4500 NW 183rd Street complexes (LoopNet)
4705 NW 183rd Street and 4500 NW 183rd Street complexes (LoopNet)

A Brooklyn-based investment group bought two Miami Gardens shopping centers for $47 million, as retail rents continue to climb.

One Stop Management LLC purchased Las Villas Market Square and Miami Gardens Shopping Plaza, with a combined 198,885 square feet, according to a news release. Las Villas Market Square is at 4705-4895 Northwest 183rd Street, and Miami Gardens Shopping Plaza sits diagonally across the intersection of Northwest 183rd Street and Northwest 47th Avenue, at 4500-4698 Northwest 183rd Street.

Marcus & Millichap’s Drew Kristol and Kirk Olson had the listing for both centers and represented the buyer in the deal.

Both retail plazas were recently renovated, according to the release. The sale equates to $236 per square foot.

Rents average $35 per square foot, Kristol said via email.

Records show the sellers of both shopping centers are a handful of LLCs and corporations linked to Jeffrey Rosenberg. Market Square Properties Corporation is the owner listed in Miami-Dade property records for Las Villas Market Square. Rosenberg is the president of that entity, according to corporate records. MGSP II LTD and Miami Gardens Shopping Plaza LTD are the sellers of Miami Gardens Shopping Plaza, which also link to Rosenberg, according to records.

Sign Up for the undefined Newsletter

Miami Gardens Shopping Plaza is anchored by Price Choice Supermarket. At the time of the sale, the center was 92 percent occupied by such tenants as Family Dollar, RAC Rent-A-Center, Cricket Wireless, Boost Mobile, Chen Medical and Accelerated Learning Solutions, according to the release. The plaza has multiple outparcels, including a new ground-leased Pollo Campero on the corner.

Las Villas Market Square is 93 percent occupied, and anchored by Dollar General. Other tenants include Subway, Peñate Medical Center, Trulieve and Florida Department of Health-WIC, the release states.

This latest purchase underscores continued interest in Miami Gardens’ commercial real estate. Last month, Seagis Property Group bought a warehouse near Miami Gardens for $8 million.

In September, KEI Properties bought a Miami Gardens office complex for $9 million, in a deal that equated to $176 per square foot.

In July, Real estate investor Lightstone paid $20 million for a Miami Gardens warehouse leased to one of Moishe Mana’s companies.

In Miami-Dade, Broward and Palm Beach counties, retail landlords are raising rents to levels that surpass pre-pandemic pricing, according to Colliers’ international third quarter report.

Tags
Miami GardensRetailShopping Centers