JV Pays $32 Million For Pinecrest Mixed-Use Property

Miami-based Limestone Asset Management, via a joint venture with Orion Real Estate Group, closed on Pinecrest Town Center, the mixed-use retail and office property located at 12651 South Dixie Highway in Pinecrest, for $32 million.

The property totals a combined 94,175 square feet ― 60,484 square feet of retail space and 33,691 square feet of office space. Major tenants include Sage Dental, EWM and Coldwell Banker. The entire site encompasses 225,255 land square feet, and 435 feet of frontage along South Dixie Highway. It is located in the heart of Pinecrest in Miami-Dade County. The property was built in 1985, renovated in 1994 and 2004, and is currently 82.6% leased.

Limestone Asset Management is assuming an existing mortgage on the property.

Limestone Asset Management is an affiliate of Orion Real Estate Group. Limestone Asset Management uses Orion Real Estate Group’s expertise to complete all of its North America-based transactions. Orion Real Estate Group is led by President Kevin J. Sanz.

The seller was represented by JLL.

“Pinecrest Town Center is a popular local center with tremendous value add potential in a booming area,” said Ibrahim Al-Rashid, chairman of Limestone Asset Management. “We are very pleased to have closed on this property in the upscale suburb of Pinecrest.”

 

“Pinecrest is one of the most affluent neighborhoods in Florida, and it has a massive upward trajectory,” said Kevin J. Sanz, CCIM, MSIRE, president of Orion Real Estate Group. “Pinecrest Town Center is situated in the heart of this area, and we are excited for the long-term growth and appreciation potential of this market.”