North Miami Beach and REIT Equity One have purchased the Bird 107 Plaza retail center in Miami for $11.8 million. The 40,101 square-foot retail property at 10591 to 10695 Southwest 40th Street was built in 1962 and traded for $294 per square foot. The property was 100 percent leased to Walgreen’s, Payless ShoeSource, Pet Supermarket, Sherwin Williams and Radio Shack. The deal also includes two out parcel buildings occupied by Pizza Hut and Checkers. The seller, Bird 107 Partners, managed by Mark Schwimmer in Miami, was represented by CBRE’s Todd Weintraub, David Donnellan and Patricia Friend.
“The Equity One acquisition of Bird 107 Plaza complements the company’s other shopping center holdings in the immediate vicinity on the Bird Road corridor,” Weintraub said. “The center has numerous attributes including continuous long-term tenancy, significant upside potential in the rental stream and a high-density, family-oriented trade area with over 85,000 vehicles per day passing the shopping center.”
