MMG Equity Partners grabs Pinecrest Center for $9.7m

MMG Equity Partners grabs Pinecrest Center for $9.7m

Published at: 2018-10-04 16:33 | Author: CIJ USA
MMG Equity Partners acquired Pinecrest Center, a 34,306 sq ft mixed-use retail outlet center in Pinecrest, Florida, for $9.725m. The second floor of the property features recently remodeled executive offices ranging from 240 to 600 sq ft, plus a shared conference room. Situated in one of Miami-Dade’s busiest retail corridors, the center traded for more than $283 per sq ft. Anchor tenants include Pet Supermarket, Miami Home Center, and IHOP. Marcus & Millichap’s Miami office represented the seller, a family-owned investment group.

“We were attracted to the property given its strong fundamentals and low rents relative to the neighboring properties. Pinecrest Center serves some of the most affluent communities in all of Miami-Dade County,” said Marcos Puente, director of acquisitions at MMG Equity Partners. “Due to the high barriers to build new retail product and significant household growth within the Pinecrest/South Dixie Highway corridor, the property is poised to experience strong rent growth in the long-run.”

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