FOR IMMEDIATE RELEASE
MMG Equity Partners Acquires Historic South Miami Property for $3.9 Million
South Miami, FL – October 2nd, 2019 – MMG Equity Partners has acquired 5850 Sunset Drive, a 7,312 sf historic freestanding building located at the intersection of Sunset Drive and 58th Avenue in downtown South Miami, FL, for $3,900,000 or $533 psf.
The property consists of 4,358 sf of ground floor retail plus 8 studio apartments on the second floor. Taste Buds of India currently occupies 2,116 sf on the ground floor, and there is a vacant, 2,243 SF space, formerly occupied by Irish Times. The property features a parking lot with 8 dedicated parking spaces, a rare offering in downtown South Miami.
South Miami is experiencing a renaissance of redevelopment. The Shops at Sunset Place recently approved hotel and residential developments. There is a proposed mixed-use residential tower 1 block south of the property at the current Winn-Dixie site.
Marcos Puente, Director of Acquisitions at MMG stated, “Downtown South Miami is surrounded by some of the wealthiest households in Miami Dade County; with the advent of the new transit oriented developments along South Dixie Highway, the proximity to the South Miami Metrorail station, and the redevelopment of Sunset Place, we feel the area has a strong runway for growth and will prove a sure bet in the long run”.
More information is available at: http://5850sunsetdrive.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 visit www.mmgequitypartners.com