Miami-based Limestone Asset Management, via a joint venture with Orion Real Estate Group, purchased Colonial Palms Plaza, located in the Pinecrest area of Miami at 13601–13621 S Dixie Highway for $70.5 million on Dec. 23.
Limestone Asset Management invests in and acquires real estate properties over all asset classes throughout North America.
The purchase reflects Limestone and Orion’s expansion in Pinecrest, a suburban village in Miami-Dade County located south of downtown Miami and Miami International Airport. It is one of Florida’s most affluent neighborhoods.
The 188,389-square-foot property encompasses seven buildings and 29 tenants, including Marshalls, HomeGoods, PetSmart, Old Navy, Party City, Five Below, Visionworks, CycleBar, Panera Bread, Miller’s Ale House, and more.
“With the purchase of Colonial Palms Plaza, we are pleased to continue expanding our holdings in the upscale area of Pinecrest,” said Ibrahim Al-Rashid, chairman of Limestone Asset Management. “This purchase confirms our commitment to the South Dixie corridor.”
Kevin Sanz, president of Orion Real Estate Group, led the buyer group, Orion Colonial Plaza LLC.
“Colonial Palms Plaza is located in a strong submarket with incredibly high barriers to entry,” Sanz said. “This was an amazing execution by our team, and we are excited to acquire this high-performing center with a superior national tenant roster.”
Eric Williams of JLL represented the seller, MetLife Investment Management. Goldman Sachs is providing financing for the purchase.
In March 2021, Limestone and Orion closed on Pinecrest Town Center, approximately one mile away from Colonial Palms Plaza for $32 million. Located at 12651 South Dixie Highway, Pinecrest Town Center is a mixed-use retail and office property. In September 2022, Limestone began a $4 million renovation of the property, with a slated completion date of Q2 2023.
More than 101,670 residents, with an average household income of $149,442, reside within a 3-mile radius of the property. The average home listing price for Pinecrest/Palmetto Bay is $1 million+. With a high quality of life and vast acre lots, major business executives and professional athletes have long been attracted to Pinecrest with many new Florida residents flocking to the area since the COVID-19 pandemic.
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