Las Villas

Marcus & Millichap Brokers $47 Million Sale of Two-Property Retail Portfolio in Miami Gardens, Florida

by Julia Sanders

Miami Gardens, Fla. — Marcus & Millichap has brokered the $47 million sale of a two-property, 198,885-square-foot retail portfolio in Miami Gardens. The properties in the portfolio include Las Villas Market Square and Miami Gardens Shopping Plaza. Drew Kristol and Kirk Olson of Marcus & Millichap represented the seller, a private Miami Beach-based ownership group. Olson and Kristol also procured the buyer, a Brooklyn-based private investment group. Robert Bhat of Marcus & Millichap Capital Corp. arranged $35 million in financing for the acquisition of the two shopping centers. Located on seven acres at 4705-4895 NW 183rd St., Las Villas Market Square is an 84,543-square-foot retail center anchored by Dollar General. The previous owners completed a remodeling project involving a new design façade, parapet sign improvements, new canopy roof, parking lot restriping and sealcoat resurfacing, new exterior LED lighting and landscaping improvements. Built in 1974, the property was 93 percent leased at the time of the sale to tenants including Subway, Peñate Medical Center, Trulieve and Florida Department of Health-WIC. Built in 1960, Miami Gardens Shopping Plaza is a 114,342-square-foot retail center that has been anchored by Price Choice Supermarket since 1997. The center is located on 11 acres at 4500-4698 NW 183rd St. and is situated at the same intersection as Las Villas Market Square. The shopping center has multiple outparcels, including a new ground-leased Pollo Campero on the hard corner. At the time of the sale, the center was 92 percent leased to tenants including Family Dollar, Rent-A-Center, Cricket Wireless, Boost Mobile, Chen Medical and Accelerated Learning Solutions. The shopping center also had renovations completed to the property including new exterior LED lighting, landscaping improvements, removal of building sections to allow for additional parking and parking lot renovations such as curbing and re-stripping.

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