MMG paid $17M or nearly $180 psf for the 94,7000 sf retail plaza
Meadows Square Shopping Center, a 94,7000-square-foot retail strip at 4701 North Congress Avenue, traded for nearly $180 per square foot. Records show the buyer financed the deal with an $11.4 million loan, which according to MMG, stems from a life insurance company. HFF arranged the financing.
G&I VIII Meadows Square, an affiliate of New York-based investment manager DRA Advisors, is the seller.
The 9.5-acre site, anchored by Presidente Supermarket and Dollar Tree, is 97 percent leased, according to the release. The shopping center was built in 1986 and last sold for $10.75 million in 2014.
CBRE’s Casey Rosen represented the seller, according to the release.
MMG concentrates on the long-term ownership, development, and acquisition of commercial properties, according to its website. The privately-owned real estate investment firm has a portfolio of 2 million square feet across the United States and Canada, with a majority in South Florida.
In March, MMG paid $38.58 million for a shopping center in the Kendall neighborhood of Miami.
In February, DRA Advisors was involved in one of the largest commercial sales in Broward County this year. The firm sold two shopping centers in Pembroke Pines for about $163 million to an Oak Brook, Illinois-based REIT. – Amanda Rabines