Jimmy Resnick Acquires Kendall Shopping Center For $32M
The Resnick family has added another coveted piece of real estate to its extensive South Florida portfolio.
Jimmy Resnick paid $32M for Kendall Marketplace, a 58K SF shopping center at 11531-11631 Southwest 88th St., The Real Deal reports.
Resnick, whose father — the late Abe Resnick — was a Miami Beach city commissioner and the founder of the Miami Beach Holocaust Memorial, secured an $18M acquisition loan for the property from Professional Bank.
El Tablon Investments, led by Diega and Ana Nazar Saieh of Coral Gables, sold the property to Resnick after buying it for $21.5M in 2017, according to TRD.
Kendall Marketplace sits near one of the busiest intersections in Miami Dade-County, at Kendall Drive at 88th Street and 117th Avenue, and is squarely in a retail hot spot across the street from Crossroads Shopping Center and within a mile of the Palms at Town & Country. Its tenants include Kendall Ale House, Pet Supermarket, Mercantil Bank and Sushi Maki.
Resnick had previously been a seller in the Miami area in the early part of the pandemic. In 2020, the real estate tycoon sold 955 Alton Road, a vacated restaurant property in Miami Beach, for $9M after paying $420K for it in 1992, TRD reported. He and a partner sold a pair of Miami Beach commercial buildings last year for $20M — tenfold what they paid in 1994, according to TRD.
Retail property values have been on the rise in Miami-Dade — per-SF prices were up 7.6% year-over-year in Q1, according to MMG Equity Partners research. Resnick is among the minority of those buying retail properties in the county; only 34% of sales were to locals over the previous 12 months, according to MMG, compared to the 59% market share for national buyers.