MIAMI, FL, June 13, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of a 60,497-square foot shopping center anchored by Babies “R” Us in Miami (top centered photo).
The sales price of $10.2 million represents $169 per square foot.
Drew A. Kristol and Kirk Olson, senior associates in the firm’s Miami office, represented the seller, a limited liability company based in Miami. Marcus & Millichap also represented the buyer, a Miami Beach-based limited liability company.
“This transaction is a reflection of the increased interest among investors for well-located retail properties in Miami-Dade County,” says Olson. “Savvy investors are aware that many strong local and national tenants are looking to expand in supply-constrained submarkets such as Kendall.”
The property is located at 15625-45 North Kendall Drive across from Walmart in Kendall, a suburban metropolitan Miami neighborhood.
Built in 1985, the center contains two components, a 42,341-square foot Babies “R” Us store and an 18,156-square foot retail strip called the Kendall Hammocks Shopping Center (lower left photo).
The Babies “R” Us component contained a mortgage from Principal Life Insurance Co., which had to be assumed. Kendall Hammocks Shopping Center was delivered free and clear of debt.
Major tenants at the Babies “R” Us-anchored shopping plaza include Domino’s Pizza, Farm Stores and Sherwin Williams.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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