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CORE PALMETTO announced the sale of Palmetto Plaza, a 186,095-square-foot retail center in Miami Gardens, Florida, on an 11.9-acre site.
The center was acquired in 2021 for $33 million, is anchored by ALDI and Dollar Tree, and had occupancy >95% with a weighted average lease term >4 years, providing limited near-term rollover exposure and stable cash flow. CORE credited active management and targeted leasing for improving performance; Marcus & Millichap represented CORE and procured the buyer. CORE owns and manages approximately 2 million square feet across Florida.
CORE PALMETTO ha annunciato la vendita di Palmetto Plaza, un centro commerciale di 186.095 piedi quadrati a Miami Gardens, Florida, su un sito di 11,9 acri.
Il centro è stato acquisito nel 2021 per 33 milioni di dollari, è ancorato da ALDI e Dollar Tree, e registrava un'occupazione >95% con una durata media ponderata dei contratti di locazione >4 anni, offrendo una limitata esposizione ai rinnovi a breve termine e un flusso di cassa stabile. CORE attribuisce la gestione attiva e la locazione mirata al miglioramento delle performance; Marcus & Millichap ha rappresentato CORE e ha procurato l'acquirente. CORE possiede e gestisce circa 2 milioni di piedi quadrati in Florida.
CORE PALMETTO anunció la venta de Palmetto Plaza, un centro minorista de 186.095 pies cuadrados en Miami Gardens, Florida, en una parcela de 11,9 acres.
El centro fue adquirido en 2021 por 33 millones de dólares, está anclado por ALDI y Dollar Tree, y tenía una ocupación >95% con una duración promedio ponderada de alquileres >4 años, proporcionando exposición limitada a renovaciones a corto plazo y flujo de caja estable. CORE atribuye la gestión activa y el alquiler dirigido para mejorar el rendimiento; Marcus & Millichap representó a CORE y facilitó al comprador. CORE posee y gestiona aproximadamente 2 millones de pies cuadrados en Florida.
CORE PALMETTO가 팔메토 플라자의 매각을 발표했습니다. 이 186,095제곱피트 규모의 소매 센터가 마이애미 가든스, 플로리다의 11.9에이커 부지에 위치하고 있습니다.
센터는 2021년에 3,300만 달러에 인수되었으며 ALDI와 Dollar Tree가 앵커로 있고, 점유율 >95%, 임대차 기간의 가중평균 >4년으로 단기 갱신 노출이 제한적이고 현금 흐름이 안정적이었습니다. CORE는 적극적 관리와 타깃 리스가 성과 개선의 원인이라고 설명합니다; Marcus & Millichap가 CORE를 대리했고 매수자를 조달했습니다. CORE는 플로리다에서 약 200만 제곱피트를 소유 및 관리합니다.
CORE PALMETTO a annoncé la vente de Palmetto Plaza, un centre commercial de 186 095 pieds carrés à Miami Gardens, Floride, sur un terrain de 11,9 acres.
Le centre a été acquis en 2021 pour 33 millions de dollars, est ancré par ALDI et Dollar Tree, et affichait une occupation >95% avec une durée moyenne pondérée des baux >4 ans, offrant une exposition limitée au turnover à court terme et un flux de trésorerie stable. CORE attribue la gestion active et le ciblage des locataires à l'amélioration des performances; Marcus & Millichap a représenté CORE et a procuré l'acquéreur. CORE possède et gère environ 2 millions de pieds carrés en Floride.
CORE PALMETTO hat den Verkauf von Palmetto Plaza angekündigt, einem Einzelhandelszentrum von 186.095 Quadratfuß in Miami Gardens, Florida, auf einem Gelände von 11,9 Acres.
Das Zentrum wurde im Jahr 2021 für 33 Millionen Dollar erworben, ist von ALDI und Dollar Tree verankert und hatte eine Belegung >95% mit einer durchschnittlich gewichteter Mietvertragslauf >4 Jahre, was eine begrenzte nahe-termige Roll-over-Exposition und stabile Cashflows bietet. CORE schreibt aktives Management und zielgerichtete Vermietung der Leistungsverbesserung zu; Marcus & Millichap vertrat CORE und beschaffte den Käufer. CORE besitzt und verwaltet ca. 2 Millionen Quadratfuß in Florida.
CORE PALMETTO أعلنت عن بيع Palmetto Plaza، مركز تجزئة بمساحة 186,095 قدمًا مربعًا في ميامي غاردنز، فلوريدا، على أرض تبلغ مساحتها 11.9 فدان.
تم الاستحواذ على المركز في 2021 مقابل 33 مليون دولار، وهو مُسنَد من قبل ALDI وDollar Tree، وكان لديه معدل إشغال >95% مع مدة عقد الإيجار المرجحة >4 سنوات، مما يوفر تعرضًا محدودًا لإعادة التأجير على المدى القريب وتدفقًا نقديًا مستقرًا. تعتبر CORE أن الإدارة النشطة والتأجير المستهدفاً يساهمان في تحسين الأداء؛ مثلت Marcus & Millichap CORE وتولت تأمين المشتري. تمتلك CORE وتدير نحو 2 مليون قدم مربع في فلوريدا.
- Occupancy >95% at time of sale
- Weighted average lease term >4 years, limiting near-term rollover
- Acquired in 2021 for $33 million; sale described as a significant increase
- CORE portfolio totals ~2 million square feet in Florida
- None.
Insights
Core sold a 186,095‑sqft Miami Gardens retail center with >95% occupancy and WALT >4 years, having bought it for
The transaction monetizes value created through active leasing and management of Palmetto Plaza, a 186,095‑square‑foot, 11.9‑acre retail center anchored by ALDI and Dollar Tree. High occupancy (>
Caveats include missing disclosed sale proceeds and buyer details, which limit ability to quantify proceeds, leverage impact, or tax consequences. The asset’s performance depends on sustained tenant occupancy and local retail demand in Miami‑Dade; any material tenant departures or lease restructurings would change cash flows. Monitor published closing price and any disclosures on debt payoff, capital gains, or recycled capital use within the next 30–90 days for clarity on balance‑sheet and deployment implications.
Douglas K. Mandel, Executive Managing Director Investments at Marcus & Millichap’s
CORE acquired Palmetto Plaza in 2021 for
Anchored by ALDI and Dollar Tree, Palmetto Plaza boasts a strong and diverse tenant mix including Regions Bank, Dunkin Donuts and Bright Star Academy. Built in 1987 on an 11.9-acre site, the center benefited from CORE’s active management and leasing strategies, which further strengthened its tenant base and overall performance.
The sale represents a significant increase over the acquisition price, reflecting CORE’s ability to identify, enhance, and realize value in high-quality retail assets. The transaction further underscores the strength of Miami-Dade’s retail fundamentals and the demand for well-positioned shopping centers in high-growth markets.
“Palmetto Plaza has been an outstanding asset in our portfolio,” said Adam Greenberg, Managing Principal. “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.”
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout
About CORE:
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, leveraging its expertise and network to focus on high-quality retail value-add opportunities.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250812125098/en/
Media Contact:
Michael Lapointe
Managing Principal
mlapointe@coreipf.com
305.710.3353
Source: CORE
FAQ
What property did CORE sell in Miami Gardens and when was it originally acquired?
What were Palmetto Plaza’s occupancy and lease-term metrics at sale?
Who represented CORE and procured the buyer for Palmetto Plaza?
Which major tenants anchored Palmetto Plaza at the time of sale?
How does CORE describe the impact of its management on Palmetto Plaza?
