MIAMI—Another Publix-anchored shopping center has traded hands. This one sold for $23.1 million.
El Mercado Shopping Center, a 96,000-square-foot shopping center in Hialeah, traded for $240 per square foot. The Publix-anchored property is located at 2400 West 60th Street on the west side of the Palmetto Expressway.
CREC chairman Warren Weiser, senior vice president Harry Blyden and vice president Andrew Remick represented the property's seller, El Mercado Associates. The buyer is Stockbridge El Mercado, an affiliate of Stockbridge Capital Group.
“We saw significant buyer interest from both institutional and private investment groups largely because El Mercado is a Publix-anchored shopping center with a strong mix of national and local tenants, and Hialeah is considered one of the cities with the highest density in Florida,” says Weiser. “The market is seeing a high level of interest from investors seeking to buy this type of quality shopping center with a stable rent roll, making it a very attractive investment.”
In 2012, CREC was appointed to lead the property's management and leasing, led by associate vice president Ruben Suarez and senior leasing associate Ariel Bernstein. At that time, the shopping center was 94% occupied.
Currently, El Mercado Shopping Center is 99% occupied with a strong roster of both national and local tenants. El Mercado's national brand tenants include: Rent-a-Center, Payless Shoes, GMC, Little Caesars and SunTrust Bank. Regional tenants include Pollo Tropical, La Colonia Medical Center, and Mary's Dollar Store.
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