FOR IMMEDIATE RELEASE
MMG Equity Partners Acquires Centre at Cutler Bay Property for $16 Million
Cutler Bay, FL – October 25th, 2019 – MMG Equity Partners has acquired Centre at Cutler Bay, a 127,072 sf mixed-use office/retail shopping center located 18901 SW 106 Ave, in Cutler Bay, FL, for $16,000,000 or $126 psf. Bank United provided the Buyer with an $11,200,000, fixed, 10-year acquisition loan.
Located on the Southeast corner of Marlin Road (SW 189th street) and SW 106th avenue, in a densely developed, high barrier to entry thriving business corridor. The center is proximate to South Dixie Highway/US-1, Miami-Dade’s most traveled north/south roadway.
The center was built in 2009, offering office and retail space from 680 sf to 1,250 SF, with some combined bays as large as 15,000 sf. Major tenants include Early Learning Coalition and CareerSource South Florida. There is an onsite property management and leasing team, as well as onsite maintenance personnel. The property is fully leased.
“The Centre at Cutler Bay presented an opportunity to purchase a small bay office and retail center in a densely populated area of Miami, with a strong going-in yield, at a significant discount to replacement cost,” stated Marcos Puente, Director of Acquisitions for MMG. “The center will outperform long term, as we are able to charge the lowest gross rents in the market, and benefit from significant barriers to entry for comparable product; you couldn’t build this property today for $180 psf all-in, exclusive of land costs, provide the level of finishing’s we offer, and still turn a profit. This was a basis buy for us, and we’re confident the asset will continue to meet the need for affordable, small bay office/retail rentals in the area.”
More information is available at http://cutlerbayshoppingcenter.com/
MMG has been an active buyer of South Florida real estate. Last month the company acquired 5850 Sunset Drive http://5850sunsetdrive.com/ in the center of downtown South Miami and has additional closings scheduled prior to the end of the year.
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