A Miami Beach investor is the latest retail player to catch the South Florida mall wave with a $32 million purchase from Kendall.
An entity linked to Jimmy Resnick purchased Kendall Marketplace at 11531-11631 Southwest 88th Street, records show. The buyer secured an $18 million loan from Professional Bank.
The seller, El Tablon Investments, led by Diega Nazar Saieh and Ana Nazar Saieh of Coral Gables, paid $21.5 million for the 57,885-square-foot mall in 2017, records show.
Sitting on 5.9 acres, the mall was completed in 1980 and renovated in 2008, according to an online listing. Tenants include Kendall Ale House, Pet Supermarket, Mercantil Bank, Sushi Maki and Peter of London Hair Salon.
Since government shutdowns were lifted at the start of the pandemic, South Florida’s outdoor malls have flourished, attracting retail investors looking for safe assets. For the 12 months ended June 30, retail real estate sales in South Florida totaled $2.6 billion and average selling prices rose 7.6%, year over year. another, according to a recent report by MMG Equity Partners.
Most recently, El Paso-based River Oaks Properties paid $25.5 million for Shop Delray, a Delray Beach mall completed in 2019 and anchored by Italian grocer Joseph’s Classic Market. Last month, two entities run by North Miami Beach investor Alberto Dayan bought Arena Shoppes in North Lauderdale for $31 million. Mall tenants include Ross Dress for Less and Dollar Tree.
Also in June, a family partnership led by Daryl and Carol Stair Revocable Trust paid $14.7 million for Shoppes at Mission Lakes, a mall in Lake Worth.
Resnick, the son of late developer and Miami Beach City Commissioner Abe Resnick, is one of the city’s top real estate investors. Last year, Resnick and Fryd Properties, led by Jonathan Fryd, sold two retail properties at 1234 and 1260 Washington Avenue in Miami Beach for $20 million to developer Rishi Kapoor’s Location Ventures. In 2020, Resnick sold a retail building at 955 Alton Road in Miami Beach for $9.2 million.