North Miami Beach Shopping Center Trades For Nearly $600 PSF

EDENS of Columbia, South Carolina, continued its aggressive buying spree in South Florida by purchasing the Arena Shops in North Miami Beach in a $25 million transaction.
Arena Shops (EDENS) LLC on June 14 acquired the 14750 Biscayne Blvd. shopping center from Arena Shops LLC, a Bay Harbor-based company managed by veteran shopping center owner Irwin Tauber. The 42,102-square-foot center is the second EDENS has picked up from a company managed by Tauber, who is CEO of development firm Taubo, since April. That month, EDENS bought Biscayne Commons, which is located across the street from Arena Shops, in a $52 million transaction.
Miami-Dade County recorded the Arena Shops sale Monday. As part of the transaction, EDENS assumed an existing commercial mortgage-backed securities loan with a current balance of $15.13 million.
Arena Shops is the 27th Florida shopping center in EDENS’ portfolio, according to the company’s website. Other South Florida centers owned by the company include Sunshine Square in Boynton Beach, Beachway Plaza in Dania Beach and Eureka Plaza in Miami.
In March, EDENS acquired the Hialeah Mercado shopping center in Hialeah for $26.25 million.
Source:  DBR