Business

Miami Gardens shopping center sells for $9.65 million

The Chili’s Restaurant at the Shoppes of Ives Dairy, a shopping center in Miami Gardens that sold for $9.65 million on Monday.
The Chili’s Restaurant at the Shoppes of Ives Dairy, a shopping center in Miami Gardens that sold for $9.65 million on Monday. Marcus & Millichap

A 24,597-square-foot shopping center in Miami Gardens — the Shoppes of Ives Dairy — sold for $9.65 million on Monday.

The mall, built in 2006, counts Chili’s Restaurant, Bank of America, Wells Fargo and Foot Locker among its major tenants.

“The property is on a great corner,” said Drew Kristol, a vice president at Marcus & Millichap’s Miami office, which handled the sale. “There is a lot of traffic in that area and it’s a well-configured and well-kept space so the rents are higher than what you would normally see.”

The buyer is Madison Exchange LLC, a New York-based investor group. The seller is Kae’s Corner, LLP, a local company.

The property last sold in 2005 for $3.2 million, according to county property records. It has an address at 19801 NW Second Ave.

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