Javier Cervera now has a dozen retail buildings and shopping centers in his Miami-Dade commercial portfolio, after paying $18.2 million for a Kendall shopping center anchored by a Firestone tire and car repair shop.
An affiliate of his Coral Gables-based firm, Cervera Real Estate Ventures, or C-Rev, acquired Miller Plaza at 5801 Southwest 137th Avenue, records show. The 4.5-acre site includes a 50,000-square-foot center and an 6,572-square-foot outparcel leased to Firestone.
The buyer obtained a $10.3 million mortgage from Doral-based U.S. Century Bank.
The seller, an entity managed by Diane Brant in Delray Beach, bought the property in 1980, records show. The sale price is not disclosed on the deed. Brant’s entity completed the buildings in 1981 and 1982.
C-Rev bought Miller Plaza at a discounted price in an off-market deal, Cervera told The Real Deal.
“It checked all the boxes,” he said. “The center is in need of repairs, and the previous owners were ready to sell. We are taking over where they left off. It’s definitely a good value-add opportunity in an irreplaceable location.”
The planned repairs and renovation will allow his firm to increase the shopping center’s income by raising rents to market rates and attracting higher paying tenants when some current leases expire, Cervera said. In addition to Firestone, Miller Plaza tenants include 7-Eleven, La Colonia Medical Center, Enterprise Rent-A-Car and Subway.
C-Rev will manage Miller Plaza in-house, Cervera added. Founded in 2005, Cervera’s firm focuses on acquiring retail, office, industrial and multifamily properties and land assemblages. Miller Plaza is the 12th retail asset in C-REV’s commercial portfolio in Miami-Dade County.
Two years ago, C-Rev dropped $25.3 million for Tropical Park Plaza, a 74,294-square-foot shopping center in Westchester, another unincorporated neighborhood of Miami-Dade. Tropical Plaza’s tenants include Ocean Bank and restaurants Tropical Chinese and El Chalan.
In Hialeah, the firm owns a shopping center with a tenant mix of restaurants, a dance studio, karate studio, beauty salon, day care and some medical offices. In 2018, C-REV paid $11.3 million for the 74,359-square-foot retail shopping center at 3800 West 12th Avenue.
In May, C-Rev expanded its corporate office when it moved from a 2,300-square-foot space in Miami’s Brickell neighborhood into a 4,000-square-foot building at 3132 Ponce de Leon Boulevard in Coral Gables. The company bought the property for $3.4 million in 2022, records show.