{"id":404937,"date":"2026-09-19T22:53:52","date_gmt":"2026-09-19T22:53:52","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/404937\/"},"modified":"2026-09-19T22:53:52","modified_gmt":"2026-09-19T22:53:52","slug":"cervera-re-ventures-buys-hialeah-shopping-center","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/404937\/","title":{"rendered":"Cervera RE Ventures Buys HiaLeah Shopping Center"},"content":{"rendered":"

Javier Cervera\u2019s Cervera R.E. Ventures added another South Florida retail property<\/a> to its portfolio with the $17 million acquisition of Twin Towers Shopping Center in Hialeah<\/a>.<\/p>\n

Coral Gables-based C-REV secured an acquisition loan from U.S. Century Bank at 50 percent loan-to-value for the 36,575-square-foot shopping center at 4516 West 12th Avenue, at the intersection of West 12th Avenue and West 46th Street, according to brokerage firm Marcus & Millichap.<\/p>\n

The price pencils out to $465 per square foot.<\/p>\n

Drew Kristol and Kirk Olson of Marcus & Millichap worked with the seller, an affiliate of CD Group, led by Maurice Cayon. The seller of the 2.9-acre property paid $2.9 million for the property in 1999 deed records show.\u00a0<\/p>\n

Cervera, president and CEO of C-REV, said Twin Towers was \u201can ideal fit\u201d for its small retail spaces, mix of service-oriented tenants and proximity to other shopping centers in the company\u2019s portfolio.<\/p>\n

Rents at the shopping center average $35 per square foot, Cervera said. Hialeah ranked among the best places in the nation to start a small business this summer, in part because of its affordable retail rent<\/a> compared to Miami hotspots like Wynwood.<\/p>\n

Built in 1978, the 15-suite shopping center\u2019s largest tenant is Las Mercedes Medical Center. C-REV negotiated a long-term lease renewal with the medical provider for the 12,800-square-foot space before completing the sale of the property.\u00a0<\/p>\n

Other tenants include a restaurant, medical providers and service-oriented businesses.<\/p>\n

Cervera said his previous relationship with the seller allowed C-REV to negotiate a deal before the property was publicly marketed.<\/p>\n

C-REV acquired Twin Towers at a capitalization rate just shy of 6 percent, Cervera said. The cap rate measures a property\u2019s annual return relative to its purchase price. A cap rate of 4 to 6 percent typically indicates less risk.<\/p>\n

Cervera said the previous owner made some improvements to the property, and C-REV does not expect major renovation work, unlike some of its other value-add acquisitions.<\/p>\n

One example of this value-add strategy in C-REV\u2019s Hialeah retail portfolio was the 74,400-square-foot Ready Listo<\/a> property at 3800 West 12th Avenue, which the company acquired in 2018 for $12.7 million in an off-market deal where 90 percent of the tenants were on month-to-month leases.\u00a0<\/p>\n

Those short-term leases gave it an opportunity to raise rents to market rates and improve the tenant mix, the company said. C-REV renovated the property and signed new leases, increasing annual income from just under $900,000 to $1.8 million. The company later refinanced the property, returning 41 percent of the original equity to investors. C-REV now values the property at $22.65 million, or $9.91 million more than its purchase price.<\/p>\n

Founded in 2005, C-REV<\/a> is a long-term holder of retail, industrial, office and multifamily properties and land assemblages throughout South Florida. For its retail strategy, Cervera said the firm focuses on established, income-producing neighborhood shopping centers in high-density areas. Its other retail properties include assets in Coral Gables, Cutler Bay, Kendall and Miami.<\/p>\n

Cervera said the firm is pursuing acquisitions across the tri-county area, with Hialeah among its top areas of focus, and another deal in the works near Twin Towers Shopping Center.<\/p>\n

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Cervera Real Estate Ventures buys Hialeah shopping center, plans renovations<\/p>\n

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