MMG Equity Partners has acquired Centre at Cutler Bay, a 127,072-square-foot office and retail property in Cutler Bay, Fla., from a local private investor for $16 million. Avison Young Senior Vice President Rosendo Caveiro, Principals John Crotty, Michael Fay and David Duckworth, along with Senior Associate Brian de la Fé and Associates Berkley Bloodworth and Emily Brais worked on behalf of the seller. Recently, a part of this brokerage team was also involved in the sale of a two-building office/industrial portfolio in Plantation, Fla.
Located at 18901 SW 106th Ave. within a dense residential area, Centre at Cutler Bay is adjacent to U.S. Route 1 and close to the Florida Turnpike, as well as big-box retailers such as Home Depot and Sears. The property serves more than 150,000 upper-middle-class residents within a 3-mile radius.
Several internet-resistant businesses such as child and adult daycare centers, a career counseling center, offices for accountants, insurance agents, real estate brokers and others are among the tenants of the property. At the time of the sale, the asset was fully leased. The new owner has the option to build a stand-alone structure on the east side of the center such as a bank or restaurant with drive-thru facilities, ideal for up to seven tenants.
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