Cade Capital expanded its real estate holdings with the $26.5 million purchase of a West Miami motel, mobile home park and Autozone store.
An affiliate of the Miami-based firm acquired Sunnyside Motel & Trailer Park at 6020 Southwest Eighth Street and a retail building at 6024 Southwest Eighth Street, records and real estate database Vizzda show. Altamar Financial Group provided the buyer with a $17.2 million mortgage.
The Sunnyside site includes eight buildings completed in 1935 and 1951, Vizzda shows. The Autozone building was completed in 1997.
Alex Suarez with Global Investments Realty represented the buyer and the seller in the off-market deal. The seller, Malibu, California-based Marquis Property Company, paid $21 million for the 7.9-acre site in 2021, records show.
At that time, Marquis also paid $29 million for the nearby Silver Court mobile home park at 3200 Southwest Eighth Street. Global Investments represented the previous seller when Marquis bought both parks. Suarez told The Real Deal that Marquis plans to keep the Silver Court property.
Similarly, Cade Capital does not have any redevelopment plans for Sunnyside or plans to vacate the current mobile home tenants, Suarez said. “Sunnyside has been there for 70 years,” he said. “It’s always been well maintained.”
Cade Capital is led by principals John Marquez, Juan Moroso Marquez, Jose Vizcarrondo and Alfredo Vargas Marquez. The firm is planning a multifamily project in Coral Gables on a site Cade Capital bought for $11.5 million last year.
The 0.8-acre assemblage at 130, 152 and 160 Almeria Avenue is approved for a 13-story building with 122 apartments, Vizzda shows.
Mobile home parks are becoming extinct in South Florida as developers target such properties for redevelopment. In October, Miami-based condo and multifamily developer Melo Group submitted a $35 million stalking horse bid for a 16-acre shuttered mobile home park in El Portal that is in court receivership.
In April, developer Saulo Perez submitted plans to replace a mobile home park on 22.8 acres in Fort Lauderdale into a 978-unit apartment complex.