CORE Sells Palmetto Plaza in Miami for $46 Million, Achieving Significant Increase Over Acquisition Price

CORE, a Miami-based private investor, has sold Palmetto Plaza, a 186,095-square-foot retail center in Miami Gardens, for $46 million, a significant increase from the $33 million acquisition price in 2021. The sale reflects CORE's ability to enhance and realize value in high-quality retail assets, underscoring the strength of Miami-Dade's retail fundamentals and demand for well-positioned shopping centers. The property was anchored by ALDI and Dollar Tree, with a strong and diverse tenant mix.

MIAMI GARDENS, Fla.--CORE PALMETTO, an affiliate of Core Investment Management (CORE), a Miami-based private investor specializing in retail properties across Florida's primary markets, has successfully sold Palmetto Plaza, a 186,095-square-foot retail center in Miami Gardens, for $46 million. This sale represents a significant increase over the acquisition price of $33 million in 2021, reflecting CORE's ability to enhance and realize value in high-quality retail assets.

The property, located at 15905-16341 N.W. 57th Ave., is situated in a prime location just south of the Palmetto Expressway/State Road 826 and north of Miami-Opa Locka Executive Airport. It benefits from excellent visibility and accessibility, making it an attractive acquisition for the buyer. The property's high occupancy rate of over 95% and a weighted average lease term of more than four years provided minimal near-term rollover exposure and stable cash flow, further enhancing its appeal.

Palmetto Plaza is anchored by ALDI and Dollar Tree, with a strong and diverse tenant mix that includes Regions Bank, Dunkin Donuts, and Bright Star Academy. Built in 1987 on an 11.9-acre site, the center has benefited from CORE's active management and leasing strategies, which have strengthened its tenant base and overall performance.

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 sale underscores the strength of Miami-Dade's retail fundamentals and the demand for well-positioned shopping centers in high-growth markets.

Adam Greenberg, Managing Principal at CORE, stated, "Palmetto Plaza has been an outstanding asset in our portfolio. 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."

Marcus & Millichap, Inc. (NYSE: MMI), a leading brokerage firm specializing in commercial real estate investment sales, financing, research, and advisory services, closed the transaction. The firm has offices throughout the United States and Canada and closed 7,836 transactions with a sales volume of approximately $49.6 billion in 2024 [1].

CORE is a private investor specializing in retail properties across Florida’s primary MSA markets. Along with its four principals, the company owns and actively manages approximately 2 million square feet of assets throughout the state. CORE focuses on experience-oriented properties with stable cash flow and significant growth potential through active management [2].

References:
[1] https://www.businesswire.com/news/home/20250812125098/en/CORE-Sells-Palmetto-Plaza-in-Miami
[2] https://www.stocktitan.net/news/MMI/core-sells-palmetto-plaza-in-vzuq1nzc41im.html