Renovated Pinecrest Town Center In Miami-Dade County Sells For $42.5 Million
The entire site encompasses 228,355 land square feet and 435 feet of frontage along South Dixie Highway, and includes a 4-story office building.
The entire site encompasses 228,355 land square feet and 435 feet of frontage along South Dixie Highway, and includes a 4-story office building.
The 347,740-square-foot grocery-anchored retail center is situated on over 18 acres and boasts an impressive leasing rate of 98.3%.
JLL represented the seller, Continental Realty Corporation. An affiliate of JBL Asset Management acquired the asset.
Danny Finkle, Eric Williams, Jorge Portela, Ike Ojala and Kim Flores of JLL’s Miami office represented the seller, and John Crotty and Michael T. Fay of the Avison Young’s Miami office consulted with both parties on the transaction.
JLL Capital Markets arranged the sales of the 70,288-square-foot Shops at Sunset Lakes in Miramar, Florida and the 109,811-square-foot Town Center Shops at Jensen Beach.
The 188,389-square-foot property encompasses seven buildings and 29 tenants.
The 100-percent-leased Deerwood Town Center is anchored by a strong-performing Fresco y Mas and Home Depot and also includes Amped Fitness, Pet Supermarket and TD Bank.
The sale does not include other components of the mixed-use development, such as its 158-unit Congregate Living Facility and numerous outparcels.
Publix Super Markets, Inc. acquired the center.
The sale closed at a 3.59 percent capitalization rate, which was a record capitalization for all Walgreens stores nationally.
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