MMG Equity Sells South Miami Shopping Center

Crystal Lakes Shopping Center. Image courtesy of MMG Equity Partners

MMG Equity Partners has sold Crystal Lakes Shopping Center, an 85,714-square-foot retail property in Homestead, Fla., for $22.7 million. Presidente Supermarket, 24-Hour Fitness and Goodwill anchor the shopping center. 

MMG developed the property in 2019 on a 7.5-acre site at 3338 NE Seventh St., across the road from Baptist Health’s Homestead Hospital. The property is 4 miles northeast from the city center and less than a mile east from Ronald Reagan Turnpike at the Campbell Drive exit. According to MMG, Crystal Lakes Shopping Center serves a population of more than 100,000 residents living within a 3-mile radius.

During the past few months, MMG has been an active player in the Miami-Dade retail market. In November, the company paid $16 million for a 127,072-square-foot office and retail property in Cutler Bay, Fla. In January, MMG acquired two shopping centers in the Miami metro for a total of $12.7 million.