Sweetwater retail center sold for $20.4M. It has a single tenant — and a prime location
A commercial real estate investor has paid $20.4 million on a Sweetwater retail center with a single tenant: Best Buy.
RK Centers bought the 45,675-square-foot retail location and 4.23 acres at 10760 NW 17th St. on Friday, according to the firm’s vice president for development and acquisitions Andrew Zidar. The seller is Shops at 107th LLC, according to property records. The off-market deal closed after three weeks of negotiations with the prior owner, Zidar said, and did not require outside financing.
Roberto Susi represented Shops at 107th LLC and Jose Sasson-Lerner represented RK Centers. Susi, a principal and associate, and Sasson-Lerner, an associate, work for the Aventura-based Axiom Capital Advisors.
“Retail in that area typically outperforms most markets,” Zidar said. “Even during the pandemic, the Best Buy there has performed well, which leads to long-term tenancy and a good asset for us.”
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Best Buy has 17 years remaining on its lease, he said.
“We see the strength in retail centers, with tenants like Best Buy, Burlington, TJ Maxx, in addition to grocery stores, where buyers can find good deals,” Zidar said.
Though commercial real estate was suffering even before the pandemic, some investors — including Longpoint Realty Partners — have found value during the pandemic .
Founded over 35 years ago, RK Centers has an office in Boston and Sunny Isles Beach. The firm has 35 retail centers across Miami-Dade and Broward counties.
The article has been updated to reflect the correct municipality of the retail center.
This story was originally published September 28, 2020 at 7:00 AM.
