**113K-SF North Miami Shopping Center Sells for $17.8 Million**
SouthEast Properties has sold a 113,887-square-foot shopping center located at 5503 and 5645 S. University Drive in North Miami for $17.8 million. The property was acquired by a joint venture managed by Ryan Shapiro and Jonathan Wizman.
The transaction includes the Davie Square shopping center and a standalone outparcel building. Southstate Bank provided a $13.35 million mortgage to finance the acquisition.
The entire site spans 12.3 acres and is located across from a Target store and just north of a Home Depot. The main shopping center, a multi-tenant retail facility totaling 108,227 square feet, was originally built in 2000. The outparcel building, which spans 5,660 square feet and is currently occupied by Denny’s, was constructed in 1988. It was last sold in 2007 for $1.48 million.
Current tenants of the shopping center include Smash!t House Davie (axe throwing and rage room), Beyond Billiards, Spice Bazar, The Door Christian Church, Lakeshore Learning Store, JW Pastry, and My First Years Preschool.
