Miller Plaza
Cervera Real Estate Ventures (C-REV), a portfolio real estate investment firm led by founder and president Javier Cervera, has successfully closed on the acquisition of Miller Plaza, a 50,000 square-foot retail shopping center sitting on a 4.5-acre lot centrally located at the high-traffic intersection of Miller Drive and 137th Avenue. This latest addition bolsters C-REV’s growing portfolio of neighborhood shopping centers in densely populated areas. Current tenants at Miller Plaza include 7-Eleven, a freestanding Firestone, Colonia Medical, Enterprise Rent-A-Car, Subway, and other local businesses.
Mr. Cervera acquired the property for $18,200,000 in an off-market purchase that was a direct negotiation between C-REV and the previous owners, who had held the property for nearly 40 years. The shopping center requires repairs and renovations that the previous ownership was reluctant to undertake. C-REV seized the opportunity to add value, leveraging its deep experience in transforming similar assets to secure the property at a discounted price.
“We see centers like these as rare opportunities, as owners are often unwilling to sell,” said Javier Cervera, a Miami real estate expert with 30+ years of experience in the market. “Our team is always actively pursuing deals, either directly with owners or through brokers. Thanks to our reputation as reliable closers with a strong track record in this asset class, owners trust us to follow through on what we promise.”
C-REV plans a major renovation of the property, aimed at enhancing tenant quality, improving occupancy, and achieving market-level rents, which will drive higher returns on investment. As with all of its properties, C-REV will manage Miller Plaza in-house, ensuring full control and hands-on oversight from acquisition through the life of the investment.
Mr. Cervera founded C-REV in 2005 with an emphasis on portfolio real estate investment of income-producing properties, specifically neighborhood shopping/retail centers and apartment buildings, in addition to office buildings, warehouses, and land assemblages. Alongside its primary portfolio investment activities and management of properties within its portfolio, C-REV offers third-party management services for other property owners.
Throughout his career, Mr. Cervera has participated as principal in numerous significant transactions. These include, but are not limited to, the acquisition of a 74,359-square-foot retail shopping center at 3800 West 12th Avenue in Hialeah in 2018; the $15.45 million sale of the 1800 Biscayne Plaza commercial space, which comprised 11 retail condos in Edgewater in 2020; the sale of a 1.42-acre parcel in Miami’s Arts & Entertainment District to MRR Development for $30 million; the purchase of the 74,294 square-foot Tropical Park Plaza near Westchester for $25.3 million in 2022; and the sale in 2023 of Airport Villas, a 90-unit apartment complex near Miami International Airport, which he acquired for $13 million, restructured, and resold for $20 million.
Cervera Real Estate Ventures headquarters is located at 3132 Ponce De Leon Boulevard, Coral Gables, FL 33401. Office hours are M-F from 9:00 a.m. to 5:00 p.m. You can reach the office by phone at 305.374.6744 or via email at Info@CerveraREV.com. For more information, visit www.CerveraREV.com.
