London Square, a retail shopping center and office building located at the intersection of SW 137th Avenue and SW 120th Street, in Southwest Miami, was acquired by institutional investment advisor, RREEF, on behalf of an offshore client for $95,250,000 or $318.42 per sq. ft. The sale marks the largest transaction involving an open air shopping center in Florida since 2008.
London Square totals 299,103 sq. ft., including a 60,665-sq.-ft. office building. The property is currently 99% leased and features a strong line-up of national and regional tenants including Ross Dress for Less, TJ Maxx / Homegoods, Miami Children’s Hospital, Party City, Dollar Tree, Sergio’s, Starbuck’s and others. Costco operates in a separately owned 150,535-sq.-ft. building that was not included in the transaction.
CBRE’s National Retail Investment Group Florida Team exclusively represented the seller which was an affiliate of Boca Raton, Florida-based Woolbright Development Inc. – a real estate investment firm that acquires and develops neighborhood and community shopping centers throughout Florida’s major markets. The purchaser’s advisor, RREEF, is the real estate investment management business of Deutsche Bank’s Asset Management division and is one of the world’s largest real estate investment managers, investing in commercial and residential property, and real estate securities globally.
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