Continental Realty Corp. Enters South Florida With $87.5M CityPlace Doral Acquisition

Continental Realty Corp. (CRC), a Baltimore-based real estate investment firm, has made a major move into the South Florida market with the $87.5 million purchase of the retail portion of CityPlace Doral. This marks CRC’s first retail acquisition in the region, adding to its growing portfolio of assets valued at over $4 billion.

The property, located at 3450 NW 83rd Ave., spans 235,000 square feet and was sold by Park Square 5 LLC—an entity managed by PGIM Real Estate out of Newark, New Jersey—for approximately $372 per square foot.

The deal was brokered by Danny Finkle and Jorge Portela of JLL.

CityPlace Doral is currently 80% leased and features a strong tenant mix including The Fresh Market, Cooper’s Hawk, CMX CineBistro, Novecento, Tap 42, and Anatomy Fitness. The lifestyle center also boasts a 1,700-space parking garage and recently welcomed three new retailers earlier this year.

Originally developed in 2017 by Related Group and Shoma Group, CityPlace Doral sits on nearly 18 acres and includes 303 residential apartments. PGIM Real Estate took over the retail component later that same year.

The acquisition was financed through CRC’s Opportunistic Retail Fund I, which raised $323 million to invest in strategic retail assets across the country.

 

Source:  SFBJ