MMG Equity Partners To Develop 36,000 SF Of Retail, 7 Outparcels Within 70-Acre Master Planned Community
Asking rents range from $65 to $70 per square foot. Leasing is being led by Ed Schmidt and Robert Eckstein of NAI Miami/Ft. Lauderdale.
Asking rents range from $65 to $70 per square foot. Leasing is being led by Ed Schmidt and Robert Eckstein of NAI Miami/Ft. Lauderdale.
The four properties total 127,826 square feet and were purchased between 2018 and 2020 for a combined total of $28,900,000.
Atlantic Retail oversaw the leasing on behalf of both firms.
This development is part of a strategic expansion of MMG’s portfolio into the residential sector. Widely regarded for its success in retail real estate, MMG is leveraging its expertise to create environments that seamlessly integrate commercial and residential uses.
The 4.8-acre mixed-use entertainment center is adjacent to one of the 14 stations on the South Dade Transit Way, which is scheduled to open in the first half of 2025.
Scott Sandelin, an investment specialist in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a partnership between MMG Equity Partners, Mouhalis Capital Management, and GW Properties. Sandelin also procured the buyer.
Drew Kristol and Kirk Olson, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, MMG Equity Partners.
CREC Capital’s co-founders Alan Esquenazi and Warren Weiser facilitated the sale. Danny Finkle and Eric Williams from JLL represented the buyer, an entity controlled by Wharton Realty Group, in the transaction.
The property consists of 35,850 square feet of retail space along University Drive, plus 19,680 square feet of office suites tucked behind the shopping center.
The deal is valued at $3,875,000.
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