Saturday, June 13, 2015

Shopping Center in Hialeah, FL Sells for $11 Million in Deal Brokered by Marcus & Millichap

Drew A. Kristol
HIALEAH, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of the Ready Shopping Center, a 60,938-square-foot, two-story shopping center in Hialeah, Fla. 

The $11 million sales price equates to $181 per square foot.

            Drew A. Kristol and Kirk D. Olson, vice presidents investments in Marcus & Millichap’s Miami office, represented the seller, a Hialeah-based limited partnership. Adrian Gonzalez, of Miami Gables Realty, represented the buyer, a private investment group based in Miami.

“This multi-tenant retail asset is located on the corner of two of Hialeah’s most heavily travelled corridors, West 12th Avenue and West 37th Street,” says Olson. “The buyer had been targeting this area of West Hialeah as a strategic acquisitions submarket due to its strong population density and high traffic counts.”

The property is a two-story shopping center composed primarily of small, local tenants and was 91 percent occupied at the time of the sale. AutoZone and Region’s Bank, which were not a part of the offering, are outparcels to the center. Other retailers in the immediate area include Sedano’s, Navarro Discount Pharmacy, Chevron, Shell and Jiffy Lube.

For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager

(925) 953-1716