MG3 buys Walmart Supercenter, adjacent retail in Miami-Dade for $70M

Buyer assumed $49M mortgage on property

Miami /
Mar.March 02, 2022 10:30 AM

Fontainebleau Park Plaza at 9191 West Flagler Street in Miami with MG3 Group’s founders and Principals Marcelo Saiegh, Gustavo Bogomolni, and Hernan Leonoff (Google Maps, MG3)

UPDATED, March 2, 2:15 p.m.: MG3 Group’s real estate investment trust bought the fully leased Fontainebleau Park Plaza with a Walmart Supercenter for $70 million.

MG3 REIT bought the property at 9191 West Flagler Street in Miami-Dade County’s Fontainebleau neighborhood from CJUF III Flagler LLC, which is in the care of Berkowitz Development Group, according to a deed. The buyer’s affiliate assumed an existing $49 million loan on the property. Morgan Stanley Bank of America Merrill Lynch, with Wells Fargo as trustee, is the lender.

The 234,500-square-foot shopping plaza, constructed in 2014 on 32 acres, also includes AT&T, Carrabba’s, Chick-Fil-A, Comcast, Discovery, LA Fitness, TD Bank and Texas Roadhouse as tenants, among others, according to an MG3 news release.

The property is south of the Dolphin Expressway and southwest of Miami International Airport. 

The private MG3 REIT develops, designs, constructs, leases and finances real estate, and it also provides investment and property management, according to its website. It bought the Doral Concourse office property in July for $96 million.

MG3 Group, based in Aventura, focuses on various real estate types and embarked on building charter schools in 2009.

In April, it sold two schools in Homestead and Hollywood for a combined $78.1 million, as part of a $242 million portfolio deal of eight schools throughout the state.

MG3 is led by founders and Principals Marcelo Saiegh, Hernan Leonoff and Gustavo Bogomolni.

The South Florida retail market has picked up following a pandemic-induced slump, with landlords increasing rents and vacancies decreasing in the fourth quarter of 2021.





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