Macken Sells Walmart-Anchored Retail Center Near Miami for $11.9M
MIAMI GARDENS, FLA. — Macken Cos. has sold Palmetto Design Center, a 62,500-square-foot shopping center in Miami Gardens, located roughly 15 miles north of Miami. Rise Star LLC acquired the asset for $11.9 million. A joint venture between Macken Cos. and Zvi Shiff of DZD Holdings completed construction on the center in 2016. A 41,800-square-foot Walmart Neighborhood Market anchors Palmetto Design Center. Additional tenants include T-Mobile, Edible Arrangements, OPI Nails and Laundromat. In addition, the sale included a 0.75-acre outparcel that will be the site of a full-service Spin Car Wash. Walmart has 17 years remaining on its lease with 16 five-year extension options. The other tenants all have four years remaining on their respective leases, with extension options ranging from five to 25 years.