CORE Sells Palmetto Plaza in Miami

Business Wire

4 days ago

MIAMI GARDENS, Fla.--(BUSINESS WIRE)--CORE PALMETTO, an affiliate of Core Investment Management (CORE), a Miami-based private investor specializing in retail properties across Florida's primary markets, is pleased to announce the successful sale of Palmetto Plaza, a 186,095-square-foot retail center in Miami Gardens, Florida, for $46 million.
Douglas K. Mandel, Executive Managing Director Investments at Marcus & Millichap's Fort Lauderdale office, along with Zach Levine of Marcus & Millichap, represented CORE in the transaction and procured the buyer. The property's occupancy rate of over 95% and weighted average lease term of more than four years provided minimal near-term rollover exposure and stable cash flow, making it an attractive acquisition for the buyer.
CORE acquired Palmetto Plaza in 2021 for $33 million, recognizing its prime location at 15905-16341 N.W. 57th Ave., just south of the Palmetto Expressway/State Road 826 and north of Miami-Opa Locka Executive Airport. The property sits in the heart of a heavily populated area, with excellent visibility and accessibility.
Anchored by ALDI and Dollar Tree, Palmetto Plaza boasts a strong and diverse tenant mix including Regions Bank, Dunkin Donuts and Bright Star Academy. Built in 1987 on an 11.9-acre site, the center benefited from CORE's active management and leasing strategies, which further strengthened its tenant base and overall performance.
The sale represents a significant increase over the acquisition price, reflecting CORE's ability to identify, enhance, and realize value in high-quality retail assets. The transaction further underscores the strength of Miami-Dade's retail fundamentals and the demand for well-positioned shopping centers in high-growth markets.
'Palmetto Plaza has been an outstanding asset in our portfolio,' said Adam Greenberg, Managing Principal. 'Through our targeted leasing and hands-on management, we enhanced the property's performance and positioned it for long-term success. This sale marks another successful execution of our value-add strategy.'
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 7,836 transactions with a sales volume of approximately $49.6 billion in 2024. The company had 1,712 investment sales and financing professionals in more than 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate at year end.
About CORE:
CORE is a private investor specializing in retail properties across Florida's primary MSA markets. Along with its four principals, the company owns and actively manages approximately 2 million square feet of assets throughout the state. CORE focuses on experience-oriented properties with stable cash flow and significant growth potential through active management, leveraging its expertise and network to focus on high-quality retail value-add opportunities.