A partnership associated with Javier Cervera, a real estate investor and member of the well-known Miami real estate family, has just acquired a 31,000 SF, retail shopping center in Westchester. The buyer, GALLO SHOPS, LLC, acquired the property for $5.2M on August 23rd. This is the latest in a series of acquisitions by Cervera R.E. Ventures, which has been actively acquiring properties in Miami-Dade and Broward counties.
As part of the acquisition, CREV worked with the sellers to navigate various complexities unique to this deal. After 5 months of hard work, they were able to close this complicated transaction. One said challenge involved the renegotiation of a new long-term lease for Leon Medical Centers, who had been occupying the property for decades with their second longest operating location in Miami. A new lease is now in place which is advantageous to both parties.
“We are excited to have found this off-market opportunity in one of Miami’s thriving neighborhoods, where our expertise in management will surely increase the value of the property,” said Mr. Cervera, “In addition, we are thrilled to have Leon Medical Centers, one of Miami’s premier medical service providers, as our anchor tenant in this most recent acquisition for our ever growing portfolio of income producing properties.”
Through his vast network of brokers and other real estate professionals, Cervera was able to find this off-market opportunity and provide a decisive offer to acquire the center before it hit the retail market.