Roy Faith, principal at FIP Realty Services, LLC, and Dave Colonna, Broker Associate with the firm, arranged the sale of a Miramar shopping center for $14,600.000.
Miramar Parkway Plaza includes three retail buildings, a McDonald’s restaurant and a 2.1-acre property with development potential. AutoZone and Winn Dixie anchor the center.
Faith and Colonna represented the Buyer, Aventura-based Miramar Plaza Partners, in the acquisition of the plaza, located at 3102, 3190, 3306 and 3356 South University Drive.
The deal closed on March 28, 2014.
The seller, FirstBank Puerto Rico, was represented by RT Realty, which also served as manager for the Bank of Puerto Rico. FirstBank took title to the center through foreclosure in September 2013. The bank gave the buyer a $10.2 million loan as part of the transaction.
“This property had been entangled in the courts, both bankruptcy and foreclosure, for the past few years. Through perseverance and patience, we were able to get this deal closed,” stated Colonna.
FIP Realty has been retained to lease and manage the center for the new ownership.