Marcus & Millichap Arranges Sale of Miami-Dade Shopping Center for $19.5 Million
September 12, 2016
MIAMI, Sept. 12, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of the Shoppes at Kendall Drive, a 47,826-square-foot shopping center in Miami. The property sold for $19.5 million, which equates to $408 per square foot.
“The Shoppes at Kendall Drive is a new construction, 100-percent-occupied neighborhood shopping center in the heart of a growing section of Miami-Dade County,” says Kirk D. Olson, a vice president investments in Marcus & Millichap’s Miami office. “Our national marketing platform and collaboration within and outside the firm allowed us to generate multiple offers on the property and maximize the seller’s equity position from this successful development. Our client was especially pleased to have sold the property for 97 percent of the total asking price.”
Olson, along with Drew A. Kristol, vice president investments in the firm’s Miami office, represented the seller and original developer, Garden Village Shopping Center, a Miami-based LLC and an affiliate of MMG Equity Partners. Executive managing directors Michael Lapointe and Adam Greenberg of Newmark Grubb Knight Frank’s Capital Markets group represented the buyer, a Miami-based private investor.
“This is a great example of continuing liquidity for high-quality Miami retail and one of many active buyers we are seeing execute in the market,” adds Lapointe.
The Shoppes of Kendall Drive is located on the south side of Kendall Drive at 15400 SW 88th St. Major tenants include CAC Florida Medical, The Learning Experience and Fuddruckers.