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MMG Equity Partners Acquires Miami MXU Property for $16M
MMG Equity Partners has acquired Centre at Cutler Bay, a 127,072-square-foot mixed use office and retail shopping center in Miami’s Cutler Bay for $16 million. Bank United provided MMG with a $11.2 million fixed, 10-year acquisition loan. Rosendo Caveiro of Avison Young represented the seller, Cutler Center Holdings, in the transaction.
Located at 18901 SW 106 Ave., the center is on the southeast corner of Marlin Road and SW 106th Ave. Built in 2009, it consists of both retail and office space. Major tenants at the fully-leased property include Early Learning Coalition and CareerSource South Florida.
“The Centre at Cutler Bay presented an opportunity to purchase a small bay office and retail center in a densely-populated area of Miami, with a strong going-in yield, at a significant discount to replacement cost,” said Marcos Puente, director of acquisitions at MMG.
For comments, questions or concerns, please contact David Cohen
- ◦Sale/Acquisition
