FOR IMMEDIATE RELEASE
Miami, FL – February 25th, 2020 – MMG Equity Partners has sold Crystal Lakes Shopping Center, a 85,714 SF shopping center located at 3338 NE 7 St, Homestead, FL 33033 for $22.7M or $265 psf. Crystal Lakes Shopping Center is anchored by 24-Hour Fitness, Presidente Supermarket, and Goodwill. MMG developed the shopping center in 2019.
In a separate transaction, an MMG joint-venture sold a recently developed Racetrac on an outparcel to Racetrac in September of last year. MMG retained an outparcel which will be developed into a multi-tenant building later this year, to include a Vicky Bakery.
“Crystal Lake Shopping Center provided the Buyer with a great opportunity to purchase a newly built, grocery and fitness anchored shopping center at an above market yield for South Florida, with long term upside in the small shop rents.” Said Marcos Puente, MMG’s Director of Acquisitions. “Given the explosive population growth in Southern Miami-Dade county, retail rents have risen in the double digits over the past 10-years, and are expected to continue to grow as tenant sales outperform expectations.”
MMG has been an active buyer of Miami-Dade retail over the last 12 months. In January MMG acquired Naranja Plaza for $7.1 million and Westlake Plaza for $5.6 million. In November MMG acquired the Centre at Cutler Bay for $16 million. In October the firm purchased 5850 Sunset Drive, a historic property in downtown South Miami as well as a retail property on the southwest corner of Miami Gardens Drive and 27th Ave. In June, together with CREC and Highline Capital the partnership acquired Homestead Pavilion for $62 million in one of the largest retail transactions of 2019.
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