ADRIAN BUILDERS SELLS MIAMI-DADE RETAIL CENTER FOR $26M
MIAMI – January 21, 2022 – An affiliate of Miami-based Adrian Builders sold a retail center in the Tamiami neighborhood of southern Miami-Dade County for $26 million. The Shoppes at Hidden Lake LLLP, managed by Alvaro L. Adrian of Adrian Builders, sold the 81,680-square-foot property at 12700 and 12750 S.W. 128th St. The buyers were Palms Petroleum LLC, Palmetto Eastar Energy Petroleum LLC, Westar SC Holdings LLC, Palmetto Westar Energy Petroleum LLC, Southpoint Petroleum LLC and 27-141 Petroleum LLC, all managed by Tomas Pequeno in Miami. Cary Cohen of Blanca Commercial Real Estate represented the seller in the deal. The six LLCs each sold separate gas stations in Miami-Dade two weeks ago to Wilmington Delaware-based Trinity Petro. It appears they reinvested the proceeds of those sales into this retail center.
The price for this deal equated to $318 a square foot, showing there is still demand for retail property in Miami-Dade, as it holds up relatively well against competition from e-commerce. The shopping center’s tenants are mostly local businesses, including a barber shop, coffee bar, tobacco shop, sports bar and medical center. Cohen said the property is 96% leased. “This offering presented investors the rare opportunity to acquire an immaculate, newly constructed stabilized shopping center with upside potential,” Cohen said. “Assets like Hidden Lakes are highly sought after. We were able to close within 45 days of listing it.” The two-story project was built on the 4.26-acre site in 2018 and 2020.
About Blanca Commercial Real Estate
Blanca Commercial Real Estate, the leading independently owned commercial real estate brokerage firm in Florida, provides a complete range of brokerage and advisory services to owners and users of commercial real estate. Established in 2009, the firm is noted for delivering distinct client value through a personalized approach, unique methodology, data-driven insight, vast network and deep community engagement. Practice areas include landlord representation, property management, development consulting, tenant representation, tenant community services, build-to-suit advisory services, and land/investment property acquisition and disposition. For more information, visit www.blancacre.com.