347,000 SF Retail Center Changes Hands

Global Fund Investments and MMG Equity Partners have acquired Biscayne Plaza, a 347,000 square-foot grocery-anchored center located at 8000 NE 5th Ave. in Miami. The center is located at the corner of Biscayne Blvd (US1) and 79th Street.
The shopping center was acquired in an off-market transaction.
The shopping center will undergo substantial renovation. Global assumed the management, leasing and redevelopment responsibilities of Biscayne Plaza.
Global’s Managing Partner, Doron Valero, stated, “Biscayne Plaza represents a very rare opportunity in which we were able to acquire a premier shopping center situated on 18 acres of land in the heart of Miami Dade County. This acquisition once again validates our group’s ability to transact quickly and efficiently.”
MMG Principal, Gabriel Navarro, added, “The acquisition of Biscayne Plaza is another example of our group’s entrepreneurial vision and desire to acquire strategically located value add assets. We are excited about the acquisition as the location is irreplaceable and we believe in the revitalization of the Biscayne Corridor.”