MIAMI—As the retail market in Miami continues tightening, investors are finding it more difficult to find prime acquisitions in hot submarkets. But Hammock Plaza Center just acquired one in Kendall, Hammock Plaza, for what looks like a steal: $10.5 million

Cresa South Florida's Steve Gaunt and Eric Gaunt represented the seller, Miami-based Hammock Plaza. Coral Gables-based Hammock Plaza Center acquired the asset for $214 per square foot. Popular Community Bank provided financing for the buyer. The shopping center is 94% occupied.

“By concentrating on creating a tenant mix of customer traffic generators and service-oriented tenants, the seller stabilized the rent roll, increased the rental rates, boosted occupancy and raised the net operating income,” says Steve Gaunt, a senior vice president at Cresa. “Given the overwhelming domestic and foreign retail investor appetite, compressed cap rates and low cost of capital, this was the optimal time to sell.”