Jul
25
CBRE Brokers Sale of Miami Lakes Retail Center
ByAnchored by Office Depot, the property is 98 percent leased to a variety of tenants including TD Bank and Chick-Fil-A.
CBRE completed the sale of Red Palmetto Shoppes, a 59,925-square-foot retail center in Miami Lakes, Fla. Red Palmetto Associates Ltd., an entity affiliated with Courtelis Co., sold the leasehold interest in the property to Ham Palmetto LLC, led by Augusto Ham, in a $12.2 million deal.
LONG-TERM GROUND LEASE
Located at 16000-16250 NW 57th Ave. (Red Road), Red Palmetto Shoppes sits on an approximately 7-acre site subject to a long-term ground lease. Anchored by Office Depot, the shopping center is 98 percent occupied by a variety of tenants including Nutrition S’Mart, TD Bank, Chick-Fil-A, Firehouse Subs and Sally Beauty and features 329 parking spaces with a ratio of 5.5 spaces per 1,000 square feet. Former owner Courtelis Co. developed the property in 2008…
