.M.C. Property Management purchased a 32.8-acre shopping center in Miami Gardens and plans to redevelop it.
The North Miami-based developer paid $7.08 million for the 281,000-square-foot retail plaza, which was developed in 1958. It’s located at 18000 N.W. 27th Ave. and comprises of three parcels at the southwest corner of Northwest 27th Avenue and Miami Gardens Drive. The seller was Morristown, N.J.-based 82 SL Associates of Florida.
I.M.C. director of acquisitions Carlos Segrera said the company plans to redevelop the outdated center into a 300,000-square-foot, “Class A" retail plaza. It plans to demolish the existing buildings within 24 months.
“When we were presented the opportunity by Marcus & Millichap, we quickly recognized the value added potential of this property and placed a contract going ‘hard’ day one,” Segrera said. “After a few months fixing the title issues, we were able to close, all cash without financing.”
I.M.C. owns more than 10 million square feet of commercial space in Florida. One of its specialties is turning around under performing retail centers.
“When finished, the subject property will be a $50 million plus brand new retail project in the heart of the City of Miami Gardens which will be a win-win situation and a positive economic impact for the developer, the city and its residents,” Segrera said.