Marcus & Millichap (NYSE: MMI) announced the sale of Las Villas Market Square and Miami Gardens Shopping Plaza, a two-property, 198,885-rentable-square-foot retail portfolio in Miami Gardens.
The portfolio sold for $47 million.
“We were inundated with offers on these properties due to the dense nature of the location and the rarity of the opportunity to control almost 200,000 square feet of retail space in Miami Dade County,” said Drew A. Kristol, senior vice president investments in Marcus & Millichap’s Miami office.
Kristol and Kirk D. Olson, senior vice president investments, had the exclusive listing to market the portfolio on behalf of the seller, a private Miami Beach-based ownership group. Olson and Kristol also procured the buyer, a private investment group based in Brooklyn, New York.
Located on seven acres at 4705-4895 NW 183rd St. immediately west of the Miami Gardens municipality, Las Villas Market Square is an 84,543-square-foot retail and service center anchored by Dollar General. Previous ownership completed a major remodeling project involving a new design façade, parapet sign improvements, new canopy roof, parking lot restriping and sealcoat resurfacing, ADA revisions, new exterior LED lighting and landscaping improvements. Ninety-three percent occupied at the time of the sale, the center houses notable tenants, including Subway, Peñate Medical Center, Trulieve, Florida Department of Health-WIC, and Dollar General.
Miami Gardens Shopping Plaza is a 114,342-square-foot retail center located on 11 acres at the same intersection as Las Villas Market Square at 4500-4698 NW 183rd St. The center has been anchored by the grocery chain Price Choice Supermarket since 1997, which boasts high store sales. The shopping center has multiple outparcels, including a new ground-leased Pollo Campero on the hard corner. At the time of the sale, the center was 92% occupied by a tenant roster that includes Family Dollar, RAC Rent-A-Center, Cricket Wireless, Boost Mobile, Chen Medical and Accelerated Learning Solutions.
Both properties recently completed renovations to increase accessibility and curb appeal. The Florida Department of Transportation simultaneously completed a major roadway extension project of both N.W. 183rd Street and N.W. 47th Avenue, which projects a dramatic increase in traffic flow, including the addition of dedicated bicycle lanes.
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