KEI Properties added to its North Miami-Dade County holdings after paying $22.5 million for an Aldi-anchored shopping center, as well as taking over a mortgage for the same amount.
Three affiliates of North Miami-based KEI, led by Kenneth Israel, bought Palmetto Plaza at 15905, 16101, 16301, and 16341 Northwest 57th Avenue, records show. KEI also assumed a $22.5 million commercial mortgage-backed securities loan from Wilmington Trust, as trustee for Wells Fargo. Israel signed as a personal guarantor.
Douglas Mandel and Zach Levine with Marcus & Millichap brokered the deal, a press release states. The seller is a joint venture between Miami-based Core Investment Management, led by Michael Lapointe and Adam Greenberg, and Beverly Hills-based venture capital firm Spectrum Business Ventures, led by Amit Raizada.
In March, Raizada sold a spec home in Miami Beach’s Venetian Islands for $19.2 million.
Lapointe, Greenberg and Raizada were removed as guarantors for the loan assumed by KEI, mortgage documents state. The joint venture paid $33.6 million for the four-building retail complex in 2020, records show. The buildings, totaling a combined 186,095 square feet, were completed in 1978, 1979, 1980 and 1981.
Palmetto Plaza was 95 percent leased at the time of sale, the release states. In addition to Aldi, other tenants include Dollar Tree, Regions Bank, Dunkin’ and Bright Star Academy.
An investment and property management firm, KEI primarily owns office and industrial sites in Fort Lauderdale, North Miami, Aventura, Coral Springs, Pompano, Hollywood, and Hallandale Beach, the firm’s website states. In North Miami-Dade, KEI also owns Hialeah Medical Plaza, a medical office and retail building in Hialeah. In 2021, the firm paid $7.7 million for the property.
Last year, KEI sold Plaza Executive Centre North, a Miami Gardens office building, to Chabad of Miami for $15.1 million, records show. In 2021, KEI had paid $9.1 million for the site.
