Jimmy Resnick with 11531–11631 North Kendall Drive (Google Maps, Getty)
A Miami Beach investor is the latest retail player to catch South Florida’s shopping center wave with a $32 million purchase in Kendall.
An entity with ties to Jimmy Resnick bought Kendall Marketplace at 11531-11631 Southwest 88th Street, records show. The buyer obtained an $18 million loan from Professional Bank.
The seller, El Tablon Investments, led by Diega Nazar Saieh and Ana Nazar Saieh of Coral Gables, paid $21.5 million for the 57,885-square-foot shopping center in 2017, records show.
Sitting on 5.9 acres, the retail plaza was completed in 1980 and renovated in 2008, according to an online listing. Tenants include Kendall Ale House, Pet Supermarket, Mercantil Bank, Sushi Maki, and Peter of London Hair Salon.
Since government lockdowns were lifted during the early stages of the pandemic, outdoor shopping centers in South Florida have flourished, attracting retail investors seeking secure assets. For the 12 months ended June 30, South Florida retail real estate sales totaled $2.6 billion and average sale prices rose 7.6 percent, year-over-year, according to a recent report by MMG Equity Partners.
Most recently, El Paso-based River Oaks Properties paid $25.5 million for Shop Delray, a Delray Beach shopping center completed in 2019 and anchored by Italian grocer Joseph’s Classic Market. Last month, two entities managed by North Miami Beach investor Alberto Dayan bought Arena Shoppes in North Lauderdale for $31 million. The shopping center’s tenants include Ross Dress for Less and Dollar Tree.
Also in June, a family partnership led by Daryl and Carol Stair Revocable Trust paid $14.7 million for Shoppes at Mission Lakes, a retail plaza in Lake Worth.
Resnick, the son of the late developer and Miami Beach city commissioner Abe Resnick, is one of the city’s prominent real estate investors. Last year, Resnick and Fryd Properties, led by Jonathan Fryd, sold two commercial buildings at 1234 and 1260 Washington Avenue in Miami Beach for $20 million to developer Rishi Kapoor’s Location Ventures. In 2020, Resnick sold a retail building at 955 Alton Road in Miami Beach for $9.2 million.
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