$20M Pushes Work on 107,700-SF Retail Center

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MIAMI GARDENS, FL-The 107,700-sf Palmetto Gardens Plaza has received $19.8 million in construction financing. The loan moves the retail asset one step closer to reality.

The developers, Zvi and Daniel Shiff, are building the retail center on a seven-acre site on the northwest corner of NW 37th Avenue and the Palmetto Expressway. The loan is a 24-month interest only Libor-based construction loan that will pay for the development of the retail center. National City Bank provided the financing, which was arranged by Shannon Rex, of Delray Beach-based Dockerty Romer & Co.

Rex tells GlobeSt.com that construction began in the second quarter with the development expected to be completed in the third or fourth quarter of 2009. Leasing efforts, which just started, will be conducted by Macken Realty.

“The project is located in an infill location,” Rex says. “This submarket has been very tight with high levels of occupancy.”

The retail center will have direct access and visibility from the Palmetto Expressway in a tight retail market. About 100,000 cars pass by the site per day. “The developer assembled the parcel over the last three years,” Rex says. “The project will complement the local market which is currently in excess of 95% occupied. The location, visibility from the Palmetto Expressway, and supply further enhances the development.”