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MIAMI—MMG Equity Partners has acquired two value-add strip centers in Miami-Dade County for a combined $12.7 million. Naranja Plaza, located at 27000-27100 S Dixie Hwy, Naranja was purchased for $7.1 million or $139 per square foot in an off-market transaction. Westlake Plaza is located on Bird Rd. and 109th Ave. was purchased for $5.6 million or $128 per square foot. Amerant Bank provided acquisition loans for both totaling $9.5 million including a future advance for construction.

An MMG spokesman tells GlobeSt.com that the Westlake seller is a private family, and the original owners who built the center in the 1950s. Two brothers, who own several properties in South Florida were the Naranja sellers. The spokesman said the renovation plan for the properties is to update the façade, parking, lighting, and signage. Naranja is expected to begin this year. Westlake is in the early planning stage, and is expected to begin 2021.

Naranja Plaza is a 51,246-sq.-ft. center anchored by Dollar General in South Dade which is experiencing a large amount of residential development. Built in 1980, the center sits on 4.09 acres and has 742 linear feet of frontage along South Dixie Hwy. The center is 100% occupied with the majority of the tenants occupying the center for over 15 years.