HOMESTEAD, Fla., Feb. 28, 2020 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Crystal Lake Shopping Center, an 86,000-square-foot new construction retail destination in Miami-Dade County. The asset sold for $22,713,640, or $264.50 per square foot.
“The center is fully occupied and provides much-needed retail shops for the area’s growing population and nearby Baptist Health Hospital,” said Kirk D. Olson, IPA senior director. “Among the nine tenants are 24 Hour Fitness, Presidente Supermarket, Pizza Hut and Goodwill.” Olson and Drew A. Kristol , both IPA senior managing directors in Miami, represented the seller, MMG Equity Partners, and procured the buyer, Veraz Real Estate.
Homestead is located between Miami and the Florida Keys and the property is on Campbell Drive, just east of the Florida Turnpike. The immediate area is home to Baptist Health Homestead Hospital and several hundred new construction multifamily and single-family home developments. Other recent developments in the Homestead area include the restoration of Seminole Theatre, and the Homestead National Parks Trolley and Homestead Station, which will serve as the area’s trolley hub and connect the city to Miami-Dade County transit.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.