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Miami Shopping Center Sells for Nearly $5M

MIAMI-Calle Ocho Properties LLC purchased the 49,000-sf University Lakes Shopping Center for close to $92.85 per sf and at a cap rate of 7.3%. The 100% leased center is anchored by a local grocery store.

By Melissa Bogdany | Updated on October 27, 2003

MIAMI-The local University Lakes Shopping Center has been sold for nearly $4.6 million. Calle Ocho Properties LLC paid about $92.85 per sf to Aegean Investors Ltd for the neighborhood shopping center. The buyer had a 7.3% capitalization rate, characteristic of the cap rates in today’s market, according to Thomas H. Brymer II, who represented Aegean Investors Ltd. in the transaction.

The 49,000-sf, grocery store-anchored center is located on Tamiami Trail (Southwest 8th Street) between Southwest 128th Court and Southwest 129th Place. The center currently is 100% leased to such tenants as Exito Nuevo, the local grocery store, Discount Auto Parts and Papa John’s pizza shop.

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