Miami-based MMG Equity Partners acquired a retail building in Pinecrest after purchasing a foreclosure judgment from Mercantil Commercebank.
The Coral Gables-based bank previously won a $5 million foreclosure judgment against JRD at 9171 LLC over the 35,424-square-foot retail building at 9171 S. Dixie Highway. The bank sold the judgment and loan documents to South 1 Holdings, an affiliate of MMG. The property changed hands at the June 6 auction after MMG submitted the winning bid.
MMG said the building is leased to Baer’s Furniture, but it will be remodeled and another future tenant will be found.
“We were attracted to the building due to its irreplaceable location just south of Dadeland Mall and the excellent visibility it provides to the 100,000 vehicles that pass in front of it daily,” MMG principal Gabriel Navarro said in a news release. “We plan on making upgrades to the building and its exterior, allowing it to be a flagship location for its occupant.”
From the South Florida Business Journal