Triarch Capital Group picked up a fully leased retail plaza in Doral for $18 million.
An affiliate of Aventura-based Triarch acquired Shoppes at 41st Street, a two-building complex at 10355 Northwest 41st Street and 10405 Northwest 41st Street, said Ernesto Pentenero with GP Global Group, who brokered the sale.
The deal breaks down to roughly $580 a square foot. Spanning nearly 31,000 square feet, the retail plaza was completed in 2000, records show.
The buyer assumed an $11.5 million CMBS loan with Bank of America, Pentenero said. He and Jose Garanton, also with GP Global Group, represented the seller, an entity managed by Adriana Montani in Weston.
In 2014, Montani’s entity paid $15.7 million for Shoppes at 41st Street, records show. The retail property was 100 percent occupied at the time of sale, Pentenero said. The 13-tenant roster includes T-Mobile, Planet Optical, Runner’s Co., Pizza Hut, a liquor store and a dry cleaning shop.
GP Group served as Shoppes at 41st Street’s property and asset manager, and maintained a vacancy rate of 2 percent or lower during the years Montani owned it, Pentenero said.
Triarch, founded in 1996 by Daniel Halberstein, Mario Grosfeld, and Jorge Linkewer, is in a buying mode.
Last month, the firm paid $7.2 million for a 6.1-acre industrial property in Hialeah Gardens. Triarch nabbed the outdoor storage site at a bargain price of $1.2 million per acre, representing a drop from the $2.5 million to $3 million per acre that industrial investors had paid for similar properties last year, according to commercial brokers.
Triarch currently owns about 4.5 million square feet of commercial properties across the U.S., according to the firm’s website. The company focuses on retail assets, but dabbles in warehouse facilities, office buildings, freestanding parcels and standalone national chain occupied buildings.
Triarch’s South Florida properties include a standalone retail building in North Miami Beach and an office complex in West Palm Beach. Triarch acquired both properties in 2018 for a combined $29 million.