A shopping center in Carol City just traded hands for $7.1 million, and the buyer reportedly plans to redevelop it into a “Class-A” retail center.
The Carol City Shopping Center, on the corner of Northwest 27th Avenue and Miami Gardens Drive, is a 280,000-square-foot retail complex that was built in 1958 and is currently 60 percent leased.
The buyer, I.M.C. Property Management, plans to demolish the plaza’s existing buildings within two years and expand it to a 300,000-square-foot shopping center, a publication reported.
The developer told the South Florida Business Journal that when finished, the plaza will be a $50 million development with positive economic impacts for Miami Gardens.
Marcus & Millichap agents Kirk Olson and Drew Kristol brokered the sale for both I.M.C. and the seller, New Jersey-based 82 SL Associates of Florida, the South Florida Business Journal reported.