Miami-Dade Shopping Center Sells For $8.5M

May 28, 2012 No Comments by

A company managed by Miami developer Michael Adler sold a Pinecrest shopping center for $8.5 million to a Fisher Island company, according to Marcus & Millichap, which represented Adler in the deal.

Adler’s Dixie Dadeland Corner developed the 12,271-square-foot center at 9095 S. Dixie Highway in 2001. The seller had a $6.1 million mortgage with City National Bank of Florida, so the proceeds were enough to repay that loan.

The property was purchased by Manaca Pinecrest Center, which is managed by Hani El-Naffy, the president and COO of Fresh Del Monte Produce.

Marcus & Millichap’s Douglas K. Mandel, Kirk D. Olson and Drew A. Kristol worked for the seller to market the property.

Tenants include Starbucks, Cold Stone Creamery, T-Mobile, GameStop and FedEx Office.

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