Dolphin Plaza Trades For $8.2 Million

May 20, 2013 No Comments by

The NAI Miami team of Jeremy S. Larkin, Christian Johannsen, Timothy Merriman and Josh Rodstein are pleased to announce on behalf of their client, Dolphin Plaza, LLP, they have negotiated the sale of Dolphin Plaza to Dolphin Plaza KW, LLP.  Jason Yukins of Marcus & Millichap represented the buyer.

The Winn-Dixie Supermarkets-anchored shopping center of 93,991 square feet is located at 17237 N.W. 27th Avenue, Miami Gardens.  In addition to Winn-Dixie, the shopping center featured national retailers Footlocker, Rainbow Fashion, Ashley Stewart, Rent-A-Center, MetroPCS, Little Caesars, Ace Cash Express and a BP retail gas facility on the ground leased outparcel.

The sale closed on March 28, 2013.  

Jeremy Larkin, who was the seller’s advisor from the date of acquisition through sale, commented, “We are extremely pleased with this project’s results.  In retrospect, when the shopping center was acquired in April 2007, no one could have anticipated the global economic events that were to occur.  While most other shopping centers acquired in and around that time have been lost through foreclosure, are in bankruptcy or have lost as much as 40% of their value, because of our detailed attention to underwriting, the shopping center consistently generated positive annual cash flow for our client and was then sold at a modest profit at the end of the project’s life cycle.”

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Industry News, Miami-Dade County Retail, Retail
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