Miguel Alcivar and Dominic Montazemi Represented AD4 Group in the Sale of the ±53,000-Square-Foot Retail Plaza
Cushman & Wakefield announced today that it has negotiated the sale of Plaza 8, a 53,428-square-foot retail asset in the West Miami submarket.
Director Miguel Alcivar, Senior Director Dominic Montazemi and Associate Michael Mandel represented AD4 Group in the disposition. The buyer acquired the asset for $11.45 million ($214 per square foot). Cushman & Wakefield’s Capital Markets Team co-marketed the property with Bill Strauss of WCL Properties.
Plaza 8 comprises a highly visible, two-story retail asset and outparcel restaurant at 9600 SW 8th Street and an additional retail parcel at 909 SW 97th Avenue.
The 53,028-square-foot L-shaped structure at 9600 SW 8th Street was developed in 1988 on a ±2.44-acre parcel. The building houses ground-floor retail and a mixture of medical office and retail on the second floor. Typical bays range from 750 to 767 square feet with numerous tenants occupying multiple bays. A 4,300-square-foot restaurant outparcel building at 9610 SW 8th Street houses popular Cuban eatery El Chef Ramon. The adjacent ±0.33-acre parcel at 909 SW 97th Avenue was developed in 1968 and formerly housed a 400-square-foot Farm Store.
“Plaza 8 represented a unique opportunity for investors to acquire a thriving, infill property strategically located at a highly traveled intersection in Miami, less than two miles east of Florida International University” said Alcivar. “With high barriers to entry in the immediate area, the asset, which is accessible from both SW 8th Street and SW 97th Avenue, offers upside through lease-up and repositioning, including visibility improvements.”
“We are really thankful for the Cushman & Wakefield team, who demonstrated professionalism and execution capabilities during the whole sale process," said AD4’s principal, Arturo Alvarez. "These attributes are key to our success as an investor group."
Including this transaction, the South Florida Commercial Team of Scott O’Donnell, Montazemi, Alcivar, Greg Miller and debt financing partner Jason Hochman have closed more than $445 million in sales and financing this year. Please visit www.
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