South Dade Retail/Office Complex Trades For $56M

The long-time owner of the Greenery Mall and Dadeland Square mixed-use complex in southern Miami-Dade County sold the property for $56 million.
Kendall-77, led by George R. Brown Jr., sold the retail and office complex at 7700 N. Kendall Drive to Coral Gables-based Cofe ZM Dadeland. The buyer, led by Mario Fernandez, obtained a $42 million, 10-year mortgage from JPMorgan Chase Bank.
Kendall-77 developed the property in 1983. It faced a foreclosure lawsuit in 2010 after tenant Circuit City went out to business but was able to modify the loan.
Current tenants in the 240,674-square-foot property include T.J. Maxx, HomeGoods, Starbucks, Jo-Ann Fabrics, Guitar Center, Best Buy Mobile and Jamba Juice.
 
Source:  SFBJ