J
avier Cervera's commercial portfolio in Miami-Dade has grown to a dozen retail buildings and shopping centers after his firm acquired Miller Plaza in Kendall for $18.2 million. An affiliate of Coral Gables-based Cervera Real Estate Ventures (C-Rev) purchased the 4.5-acre site, which includes a 50,000-square-foot center and an outparcel leased to Firestone, from an entity managed by Diane Brant in Delray Beach. The buyer secured a $10.3 million mortgage from U.S. Century Bank.

    The property was built in 1981 and 1982, and C-Rev acquired it at a discounted price through an off-market deal. "It checked all the boxes," Cervera said. "We're taking over where they left off." The planned repairs and renovations will allow his firm to increase income by raising rents and attracting higher-paying tenants when current leases expire.

    C-Rev will manage Miller Plaza in-house, and the firm focuses on acquiring retail, office, industrial, and multifamily properties. This is Cervera's 12th retail asset in Miami-Dade County, following previous acquisitions such as Tropical Park Plaza in Westchester for $25.3 million and a shopping center in Hialeah with a diverse tenant mix.