Sedano's buys the Miami plaza it anchors for $32M
The Hialeah-based supermarket chain trades rent for ownership, financing the buy with a $40M Ocean Bank mortgage.
Sedano’s, the Hialeah-based Hispanic supermarket chain, has paid $32 million for the Miami shopping center anchored by one of its stores, joining a growing list of grocers that would rather own their real estate than rent it.
An entity tied to the chain acquired the 101,000-square-foot Bird & 87th Village plaza at 8665 Bird Road from an LLC linked to Isabelle Amdur of Amdur Management. Agustin Herran, Sedano’s CEO, is named on the buyer entity. The price works out to about $316 per square foot.
Why it matters
Grocery-anchored retail remains one of the most defensive property types in Miami, and owner-occupiers are increasingly cutting out the landlord entirely. Buying the center lets Sedano’s replace rent with mortgage payments, collect income from co-tenants, and control future leasing at a location central to its business. It is the same playbook Publix has run across South Florida, converting anchor tenancies into ownership.
The numbers
The buyer assumed the seller’s $6.7 million mortgage, which Ocean Bank boosted to $40.1 million to finance the deal. Built in 1980, the plaza last traded in 2004. Co-tenants include Office Depot, a U.S. Century Bank branch and Emergency Center Coral Gables Hospital, and the transaction folds in a Denny’s outparcel. Area retail rents run roughly $37 to $45 per square foot, per LoopNet.
What’s next
Sedano’s operates nearly three dozen stores in Florida, concentrated in Miami-Dade with locations in Broward and the Orlando-Kissimmee area. Locking down owned real estate at an anchor site insulates the chain from future rent hikes and signals continued confidence in its core Miami-Dade footprint even as capital stays cautious on discretionary retail. Expect more anchor grocers to pursue the same rent-to-own shift where balance sheets allow.