Coral Way Shopping Center Sold for $5,000,000
A two story shopping center located on Coral Way was sold for $5,000,000.00 on September 30, 2016. Although it was initially unoccupied, leases were signed for 87% of the center by the time of closing.
Miami, FL, October 05, 2016 --(PR.com)-- A shopping center located at 14740 SW 26 St Miami, Florida was just sold for $5,000,00.00. The two story center, built in 2010, is comprised of 22,880 gross square feet, situated on a 56,010 square foot lot with 109 parking spaces. South Dade Builders, Inc was the Seller and R3D Star Builders LLC was the Buyer.
When the seller constructed the building it was fully leased by two tenants for 6 years. Although the center was initially unoccupied at the time it was placed under contract, it was 94% leased by the date of closing.
Paul Silverstein, President of the Florida Commercial Team, LLC , and Sr. Director of the Commercial Division for RE/MAX Advance Realty, represented both the Seller and Buyer.
“Initially this was a value add purchase because there were no tenants, but the seller worked diligently on his commitment to lease the center,” Silverstein said. “The sale evolved from a pure value add play to more of a cap rate driven purchase as time went on.”
The seller provided a purchase money first mortgage for $3.5 million.
“The level of trust between the buyer and seller throughout the process is what really made the sale possible. In my 34 years of selling commercial real estate in Miami I have rarely seen this kind of mutual trust and respect. I was pleased to be a part of this transaction.”
The Shopping Center is located directly adjacent to property that has been acquired for a new Walmart.
When the seller constructed the building it was fully leased by two tenants for 6 years. Although the center was initially unoccupied at the time it was placed under contract, it was 94% leased by the date of closing.
Paul Silverstein, President of the Florida Commercial Team, LLC , and Sr. Director of the Commercial Division for RE/MAX Advance Realty, represented both the Seller and Buyer.
“Initially this was a value add purchase because there were no tenants, but the seller worked diligently on his commitment to lease the center,” Silverstein said. “The sale evolved from a pure value add play to more of a cap rate driven purchase as time went on.”
The seller provided a purchase money first mortgage for $3.5 million.
“The level of trust between the buyer and seller throughout the process is what really made the sale possible. In my 34 years of selling commercial real estate in Miami I have rarely seen this kind of mutual trust and respect. I was pleased to be a part of this transaction.”
The Shopping Center is located directly adjacent to property that has been acquired for a new Walmart.
Contact
Florida Commercial Team
Paul Silverstein
305-794-9773
http://www.FloridaCommercialTeam
Paul Silverstein
305-794-9773
http://www.FloridaCommercialTeam
Contact
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