Commercial real estate investor Javier Cervera Jr. bought the Tropical Park Plaza near Westchester for $25.3 million.
Cervera, owner of Miami-based Cervera Real Estate Ventures, bought the 74,294-square-foot shopping center at 7971 Southwest 40th Street from Tropical Park Plaza LLC, according to a news release.
The property, which spans 5 acres, is in unincorporated Miami-Dade County and across 40th Street, or Bird Road, from Tropical Park.
Tenants at the retail center include Ocean Bank, as well as restaurants Tropical Chinese and El Chalan.
The selling entity is managed by Wilson and Juan Alayo, and Topina Zingg, according to state corporate records. The seller developed the plaza nearly 40 years ago and has managed it since then, according to the release.
Cervera Real Estate Ventures focuses on retail, multifamily, single-tenant properties and income-producing land assemblages, according to its website.
The Cervera family has been active in South Florida real estate since the 1960s, with Alicia Cervera, Javier Cervera Jr.’s mother, being the founder of the Cervera Real Estate brokerage.
In 2020, Javier Cervera Jr. paid $13.2 million for a pair of apartment buildings near Miami International Airport, with redevelopment plans.
The retail market has shown signs of rebounding from a pandemic-induced slump, with rents creeping up and vacancies declining in the fourth quarter of last year.