CORE Sells Palmetto Plaza in Miami

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.

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.”

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