Core Palmetto, an affiliate of Miami-based Core Investment Management, announced the sale of Palmetto Plaza, a 186,095-square-foot retail center in Miami Gardens, Florida.
Core acquired Palmetto Plaza in 2021 for $33 million. While the company did not state the sale price, the investing news site Guru Focus stated the property sold for $46 million.
Built in 1987 at an 11.9-acre site south of the Palmetto Expressway/State Road 826 and north of Miami-Opa Locka Executive Airport, Palmetto Plaza is over 95% occupied with Aldi and Dollar Tree as its anchor tenants.
Marcus & Millichap represented the seller in the transaction and procured the buyer, who was not publicly identified.
“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.”
Photo courtesy of LoopNet
