City of Sunny Isles Beach Acquires Navarro Pharmacy Building from MMG for $16M

Mar 07
City of Sunny Isles Beach Acquires Navarro Pharmacy Building from MMG for $16M

Sunny Isles Beach, FL – March 4, 2022 In a unique transaction MMG Equity Partners donated a property located at 18500 Collins Ave to the City of Sunny Isles in exchange for transfer development rights (TDR’s). In a land donation agreement executed in 2018, the City granted to Navarro TDR’s in the amount of 126,615 square feet and the city agreed to sell the TDR’s on Navarro’s behalf. The total consideration paid by the city to an entity controlled by MMG Equity Partners was $15,826,875.

MMG purchased the property for $1.28M in 2001.

The land donation agreement references a policy initiative by the city to increase its green space area by accepting real property in exchange for TDR’s. The .77 acre property houses a 9,100 Navarro Discount Pharmacy whose lease expires in December 2026. The city currently controls two parcels adjacent to the Navarro property allowing the City to potentially create a larger park on the combined parcels.

“This property was purchased proactively to curb over development and preserve future land for open space in our city,” Sunny Isles Beach City Manager Stan Morris said. “When we began planning for a vertical development of the parcel in 2018, they City made clear their preference for having open public space on the parcel. It was a pleasure working with the City on this land donation” Gabriel Navarro, principal of MMG said.

More information is available at: https://navarrosunnyisles.com/

MMG has been an active buyer of South Florida real estate in the last year. In May 2021, the company acquired Plantation Square Plaza http://plantationsquareplaza.com in Plantation, FL. In November 2021, MMG acquired Homestead Corner https://homesteadcorners.com  and in December acquired Plantation Community Plaza   https://plantationretail.com/

 

About MMG Equity Partners

MMG Equity Partners is a privately-owned real estate investment company focused on long-term ownership, management, development, and acquisitions of shopping centers in Florida. For more information about MMG Equity Partners, please contact us directly.


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