CVS-anchored plaza in Miami sells at markup

The CVS Plaza in the West Kendall area
The CVS Plaza in the West Kendall area

A recently built shopping center in the West Kendall area just sold for $6.45 million — a $2 million premium.

The shopping strip, named CVS Plaza, has 18,214 square feet of retail space and is fully leased. Tenants range from a preschool to a medical center, and many of them have leased space at the center for more than a decade.

The seller, a Brickell-based company, links back to Jack Glottman of Saglo Development. The company first purchased CVS Plaza for $4.4 million in 2013 from its builder, developer Gazit Globe, which constructed the strip in 2004.

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Jack Glottman of Saglo Development

Jack Glottman, president of Saglo Development

Two years later, Saglo has collected $6.45 million for the plaza from a private company in Miami Springs. The buyer purchased the property as part of a 1031 exchange, which allows an investor to sell a property, reinvest into a new property with the revenue, and defer all taxes on the transfer, according to a press release.

Marcus & Millichap’s Kirk Olson, Drew A. Kristol and Jonathan Gerszberg listed the property. Jonathan De La Rosa and Scott Sandelin, also of Marcus & Millichap, brought the buyer.

“This was a rare opportunity to acquire a fully-occupied center with 65 percent of its tenants operating from the location for more than 10 years,” said Drew Kristol of Marcus & Millichap in a statement. “The property has excellent curb appeal and sits in a growing retail corridor of west Miami Dade County.”