MMG, Global buy Biscayne Plaza shopping center

Real estate investment companies Global Fund Investments and MMG Equity Partners have acquired the 347,000-square-foot mall Biscayne Plaza in Miami, according to a release from the firms.

Biscayne Plaza is located on the corner of Biscayne Boulevard and 79th Street. The property will undergo a “substantial” renovation, which will include the center’s facade, according to Ryan Holihan of Global. Major tenants at the 33-unit plaza include the 24,026-square-foot Sabor Tropical, the 21,895-square-foot dd’s Discount and the 11,940-square-foot Family Dollar, according to Global’s website.

Holihan declined to reveal the price of the off-market transaction.

Global has assumed the plaza’s management, leasing and redevelopment duties.

MMG and Global also together acquired the 74,286-square-foot shopping center Sanibel Beach Place in November. —Zachary Kussin