Marcus & Millichap Brokers $ 47 million sale of a retail portfolio of two properties in Miami Gardens, Florida
Located on seven acres at 4705-4895 NW 183rd St., Las Villas Market Square is a 84,543 square foot retail and service hub that is anchored by Dollar General.
MIAMI GARDENS, FLA. – Marcus & Millichap brokered the sale of a 198,885 square foot retail portfolio of two properties for $ 47 million in Miami Gardens. The properties in the portfolio include Las Villas Market Square and the Miami Gardens Shopping Plaza.
Drew Kristol and Kirk Olson of Marcus & Millichap represented the seller, a private owner group based in Miami Beach. Olson and Kristol also brokered the buyer, a Brooklyn-based private investment group.
Located on seven acres at 4705-4895 NW 183rd St., Las Villas Market Square is a 84,543 square foot retail and service hub that is anchored by Dollar General. The previous owners carried out a renovation project that included a new design facade, improvements to the parapet signs, a new canopy, a remnant strip and sealing renewal of the parking lot, new LED exterior lighting and an improvement in the landscaping. The property, built in 1974, was 93 percent leased to tenants such as Subway, Peñate Medical Center, Trulieve and Florida Department of Health-WIC at the time of sale.
Built in 1960, the Miami Gardens Shopping Plaza is a 114,342-square-foot retail hub that has been anchored by Price Choice Supermarket, a grocery chain, since 1997. The center is located on 11 acres at 4500-4698 NW 183rd St. and is at the same intersection as Las Villas Market Square. The mall has several outdoor lots, including a new, leased Pollo Campero on the hard corner. At the time of the sale, 92 percent of the center was leased to tenants including Family Dollar, Rent-A-Center, Cricket Wireless, Boost Mobile, Chen Medical, and Accelerated Learning Solutions. At the mall, property renovations were also carried out, including new LED exterior lighting, landscaping, removal of parts of the building to allow for additional parking, and parking lot renovations such as curbs and demolition work.
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