(Crystal Proenza is associate editor of Real Estate Florida.)
MIAMI-Locally based MMG Equity Partners has acquired Town & Country Plaza, a 94,816-sf shopping center in Kendall for $22.5 million. The firm utilized a $10-million bridge loan from Wachovia Bank and its own equity in the deal with seller Town & Country Plaza Inc.
"The shopping center perfectly fits the profile of shopping centers that MMG is focused on acquiring in South Florida," says Gabriel Navarro, principal with MMG. "It sits at the most heavily trafficked intersection of a strong trade area, benefits from strong anchor sales and traffic, and in our opinion has a strong upside potential."
Town & Country Plaza, a class B property built in 1990, is located at SW 152nd Street and 137th Avenue. The shopping center is anchored by Sedano's Supermarket and Navarro Discount Pharmacy, with tenants including Advance Auto Parts, Goodwill Industries and Rey's Pizza. Average rental rates range from the low to mid $20s per sf. According to MMG, last year's estimates put the five-mile population around the center at 303,513 with an average household income of $69,189.
MMG plans to make some capital improvements to the property over the next year to further enhance its curb appeal. "We intend to work closely with both new and existing tenants to improve the tenant mix and grow their business," Navarro tells GlobeSt.com. "As with all of our properties, we intend to hold the property for a very long time."
The center is located in the submarket currently enjoying the lowest vacancy rates in Miami-Dade County, according to a Marcus & Millichap third-quarter market report. The brokerage puts the vacancy rate at 3.9% and average rental rates at $25.05 for the Coral Gables/Kendall submarket.
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