62,500 SF Walmart-Anchored Shopping Center In Miami Gardens Fetches $11.85 Million

May 15, 2018 No Comments by

Macken Companies’ Palmetto Design Center, a seven-acre, 62,500-square-foot shopping plaza at 3791 NW 167 St. in Miami Gardens, has been sold to Rise Star, LLC for $11.85 million.

The plaza, completed in 2016, was developed in a joint venture between Macken Companies and Zvi Shiff of DZD Holdings.

Monte I. Greenberg of Macken Realty represented the seller, Palmetto Design Center LLC, in the transaction.

The deal closed May 15.

“The center has met our firm’s objectives,” stated Alan S. Macken, principal, Macken Companies. “We have enhanced the lifestyle for Miami Gardens residents and achieved great success for Macken Companies and our partners at DZD Holdings. Our collaborative efforts led to the acquisition, development, leasing and eventual sale. We wish the center’s new owners much continued success.”

Palmetto Design Center was constructed by VCM Builders, a subsidiary of Macken Companies. The shopping plaza is anchored by a 41,800-square-foot Walmart Neighborhood Market and features an additional 11,100 square feet of inline space, whose tenants include T-Mobile, Edible Arrangements, OPI Nails and Laundromart. In addition, a three-quarter-acre outparcel has been leased, and upon completion of the space, will contain a full-service Spin Car Wash.

The Walmart Neighborhood Market has 17 years remaining on its lease with 16 five-year options, totaling 80 years. All the other tenants have four years remaining on their respective leases with options ranging from 5-25 years.

Palmetto Design Center fronts the Palmetto Expressway at Douglas Road, offering tenants tremendous visibility from the 180,000 vehicles that drive by each day.

 

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Industry News, Miami-Dade County Retail, NA, Retail
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