MIAMI—Are there still value-added opportunities in Miami retail? Underperforming assets aren't exactly low hanging fruit but the firms willing to go out on a limb are finding commercial real estate profits.
Miami-based private investment firm Continental Properties Acquisition Corporation (CPAC) is one of them. The firm has a steady track record of successfully repositioning underperforming assets across Florida.
Palm Johnson Plaza, a 90,000 square foot retail center at 701 Northwest 99th Avenue in Pembroke Pines, FL, is the latest example. CPAC sold the property to Bar Invest, a Miami-based private investment group, for $8.45 million just three years after acquiring the asset for $3.15 million.
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