{"id":1004230446,"date":"2018-05-18T00:46:04","date_gmt":"2018-05-18T08:46:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004230446"},"modified":"2022-12-08T04:36:11","modified_gmt":"2022-12-08T12:36:11","slug":"miami-area-shopping-complex-fetches-12m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/miami-area-shopping-complex-fetches-12m\/","title":{"rendered":"Miami-Area Shopping Complex Fetches $12M"},"content":{"rendered":"

By Timea Papp<\/p>\n

\"Aerial<\/a>

Aerial view of Palmetto Design Center<\/p><\/div>\n

Macken Cos. has completed the $11.9 million sale of Palmetto Design Plaza, a 62,500-square-foot shopping complex in Miami Gardens, Fla. Rise Star LLC acquired the seven-acre property, which hit the market in the fall of 2017<\/a>. According to public records, the seller was Palmetto Design Center LLC, an entity affiliated with Macken Cos.<\/p>\n

Located at 3791 N.W. 167th<\/sup> St., the shopping center is anchored by a 41,800-square-foot Walmart and features an additional 11,100-square-foot inline space. Other tenants of Palmetto Design Plaza include T-Mobile, Edible Arrangements, OPI Nails and Laundromart. An adjacent three-quarter-acre parcel will house a full-service Spin Car Wash upon completion of the space.<\/p>\n

Committed tenant base<\/h2>\n

Walmart has a 17-year term left on its lease with 16 five-year options, totaling 80 years. All other tenants have four years remaining on their respective leases with options ranging from five to 25 years.<\/p>\n

Monte Greenberg, director at Macken Cos., represented the seller in-house in the transaction. A joint venture between Macken Cos. and DZD Holdings developed the plaza in 2016, with VCM Builders, a subsidiary of Macken Cos., providing construction services.<\/p>\n

\u201cThe center has met our firm\u2019s objectives. We have enhanced the lifestyle for Miami Gardens residents and achieved great success for Macken Cos. and our partners at DZD Holdings. Our collaborative efforts led to the acquisition, development, leasing and eventual sale,\u201d<\/em> Alan Macken, principal at Macken Cos., said in a prepared statement.<\/p>\n

Image courtesy of Macken Cos.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Walmart is the anchor tenant of the 2016-built Palmetto Design Plaza and has 17 years remaining on its lease with 16 five-year options.<\/p>\n","protected":false},"author":240,"featured_media":1004192448,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,1492,21742,21749],"tags":[40400,37814,32917],"class_list":["post-1004230446","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-miami","category-latest","category-retail","tag-alan-macken","tag-macken-companies","tag-walmart"],"acf":[],"yoast_head":"\nMiami-Area Shopping Complex Fetches $12M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/miami-area-shopping-complex-fetches-12m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Miami-Area Shopping Complex Fetches $12M\" \/>\n<meta property=\"og:description\" content=\"Walmart is the anchor tenant of the 2016-built Palmetto Design Plaza and has 17 years remaining on its lease with 16 five-year options.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/miami-area-shopping-complex-fetches-12m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-05-18T08:46:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T12:36:11+00:00\" \/>\n<meta name=\"author\" content=\"Timea-Erika Papp\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/Palmetto-Design-Center-Photo-.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/miami-area-shopping-complex-fetches-12m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/miami-area-shopping-complex-fetches-12m\\\/\"},\"author\":{\"name\":\"Timea-Erika Papp\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/f58a713dcbdcb5aab2648af2aa04d6ae\"},\"headline\":\"Miami-Area Shopping Complex Fetches $12M\",\"datePublished\":\"2018-05-18T08:46:04+00:00\",\"dateModified\":\"2022-12-08T12:36:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/miami-area-shopping-complex-fetches-12m\\\/\"},\"wordCount\":254,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/miami-area-shopping-complex-fetches-12m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2017\\\/10\\\/Palmetto-Design-Center-Photo-.jpg\",\"keywords\":[\"Alan Macken\",\"Macken Companies\",\"Walmart\"],\"articleSection\":[\"Deals\",\"Investment\",\"Miami\",\"News\",\"Retail\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/miami-area-shopping-complex-fetches-12m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/miami-area-shopping-complex-fetches-12m\\\/\",\"name\":\"Miami-Area Shopping Complex Fetches $12M - 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