United Capital Acquires Ives Plaza in Metro Miami for $12 Million

United Capital has acquired Ives Plaza, a 56,841-square-foot shopping center located in Miami Gardens, Florida, approximately 16 miles north of downtown Miami. R&E Trust sold the property to United Capital for $12 million.

This transaction marks the first time the property has been sold since its development in 1955 on nearly 6.5 acres.

PROPERTY OVERVIEW:

At the time of sale, Ives Plaza was 66 percent leased to 15 tenants including Pizza Hut and Rent-A-Center. The property benefits from excellent visibility and accessibility at the intersection of Ives Dairy Road and US Highway 441 (NW 2nd Avenue).

TRANSACTION DETAILS:

David B. Smith of LG Capital Partners, along with Adam Lipkin of United Capital, served as financial advisors on behalf of United Capital in the transaction.

STRATEGIC OPPORTUNITY:

The acquisition of Ives Plaza represents a value-add opportunity in the growing Miami Gardens market. United Capital plans to execute a strategic leasing and repositioning plan to enhance the tenant mix and create long-term value.

MARKET CONTEXT:

Located in one of South Florida's premier retail markets, Ives Plaza is positioned to benefit from strong regional demographics and continued economic growth in Miami Gardens. The property offers immediate access to Interstate 95 and Florida's Turnpike, providing excellent connectivity for tenants and customers.