CREC Brokers $23 Million Sale Of Hialeah Shopping Center

Jul 21, 2015 No Comments by

El Mercado Shopping Center, a 96,000-square-foot shopping center located in Hialeah, has traded hands in a $23.1 million transaction, representing $240 per square foot.

The Publix-anchored property is centrally located at 2400 W 60th St., on the west side of the Palmetto Expressway in a densely populated residential community.

The sale of El Mercado Shopping Center was brokered by CREC. CREC Chairman Warren Weiser, Senior Vice President Harry Blyden and Vice President Andrew Remick represented the property’s seller, El Mercado Associates, Ltd. The buyer is Stockbridge El Mercado, LLC, an affiliate of Stockbridge Capital Group.

 

“We saw significant buyer interest from both institutional and private investment groups largely because El Mercado is a Publix-anchored shopping center with a strong mix of national and local tenants, and Hialeah is considered one of the cities with the highest density in Florida,” said CREC Chairman Warren Weiser. “The market is seeing a high level of interest from investors seeking to buy this type of quality shopping center with a stable rent roll, making it a very attractive investment.”

In 2012, CREC was appointed to lead the property’s management and leasing, led by CREC’s Ruben Suarez, Associate Vice President, and Ariel Bernstein, Senior Leasing Associate. At that time, the shopping center was 94% occupied. Currently, El Mercado Shopping Center is 99% occupied with a strong roster of both national and local tenants. El Mercado’s national brand tenants include: Rent-a-Center, Payless Shoes, GMC, Little Caesars and SunTrust Bank. Regional tenants include Pollo Tropical, La Colonia Medical Center and Mary’s Dollar Store.

 

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