Mark Gilbert, Adam Feinstein, and Mitchell Halpern of Cushman & Wakefield proudly represented the seller, Aventura Plaza Partners, which has owned and operated the property for several decades.
The seventh and final 15,000-square-foot parcel located at 1469 NW 13 Terrace closed this week.
This new phase will introduce nearly 25,000 square feet of retail offerings along 87th avenue and 929 parking spaces in the garages serving the retail.
The newly completed transit-oriented development includes mixed income apartments and neighborhood retail along the Miami-Dade Metrorail corridor at the entrance to Coconut Grove.
The development’s retail and office space are 100% leased ahead of its planned opening this summer.
Plans for the Class A tower include 750,000 square feet of creative offices, structured parking for 1,000 vehicles and 7,500 square feet of ground-level retail space.
The transaction ranked as South Florida’s largest urban retail lease in 2023 and the fourth-largest retail lease deal overall.
Grove Central, located at the intersection of US-1 and SW 27th Avenue, includes a 23-story residential tower with 402 multifamily, workforce and co-living units, a new 1,250-space public parking garage, and approximately 170,000 square feet of neighborhood retail.
The property sold for $7,700,000.
Leo Reilly and Robert Hunter, investment specialists based in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller.
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