Navarro Pharmacy.

HFF negotiated a $58 million refinancing loan for nine retail properties in Miami-Dade County despite signs that the retail market has taken repeated hits from e-commerce.

“High-quality shopping centers, with excellent sponsorship and really good locations, still have a tremendous amount of liquidity available, despite the negative headlines circulating around retail today,” said Chris Drew, HFF senior managing director in Miami.

HFF’s Drew and senior director Nat Scarmazzi, also based in Miami, negotiated the 10-year loan from life insurance company AIG on behalf of MMG Equity Partners, according to Drew. The deal closed Oct. 5.

MMG Equity Partners owns all nine properties, Drew said.

It’s a Pinecrest-based retail real estate investment company that focuses on ownership, acquisition and development of properties in Florida, according to its website. The principals are Martin Pico and brothers Gabriel and Marcel Navarro.

The three previously were executives of the drugstore chain Navarro Discount Pharmacy, which was started by Gabriel and Marcel Navarro’s father. José Navarro Sr. launched the family business in 1940 in Cuba and relocated to South Florida in the 1960s, opening the first Navarro in Miami’s Little Havana neighborhood, according to company website.

The Navarro family sold the Navarro Discount Pharmacy chain to CVS Health in September 2014. Navarro stores anchor most of the properties in the refinancing deal.

Of the nine locations, six are anchored by a Navarro. They are Sunset Village Shopping Center at 10700 SW 72nd St., Bird West Plaza at 14465 SW 42nd St., Flagler Plaza at 5300 W. Flagler St., Navarro Gables at 3949 SW Eighth St. in Miami, Navarro Miami Beach at 631 71st St. in Miami Beach, and Navarro Sunny Isles at 18500 Collins Ave. in Sunny Isles Beach.

Presidente Supermarkets anchors two other properties: Little River Retail at 8050-8100 N. Miami Ave. and Colonial Shopping Center at 400 NE 125th St. in North Miami.

Tenants at the ninth property, Kendall Drive Retail at 9720 N. Kendall Drive, include a Dunkin’ Donuts, Panda Kitchen and Bath, and T-Mobile.

All of the properties are considered necessity retail, meaning they include businesses such as grocery stores and pharmacies that sell necessities instead of items usually bought with disposable income.

According to Drew, the loan proceeds will be used in part to refinance an existing bank loan on the portfolio and also to encumber the assets with long-term, low-cost debt, taking advantage of low interest rates.

The fixed interest rate was not released.

“It’s a nine-property portfolio that is comprised of a variety of different anchors. … All had varying anchor/tenant leases that rolled at various times throughout the loan,” Drew said. He added that didn’t necessitate complex loan structuring.