Pinecrest Shopping Centre Trades For M

Pinecrest Shopping Centre Trades For $71M


Orion Actual Estate’s Kevin Sanza and Joseph Sanz with Colonial Palms Plaza at 13605-13619 South Dixie Freeway (Orion Serious Estate, Google Maps)

Following preserving it on its textbooks for almost 30 decades, Metropolitan Everyday living Coverage has offered a Pinecrest searching heart to a Miami-based mostly joint enterprise for $70.5 million.

An affiliate of Ibrahim Al-Rashid’s Limestone Asset Management and Joseph Sanz’ Orion Real Estate Group picked up the Colonial Palms Plaza, a retail outlet with 4 outparcels spanning additional than 188,000-square-ft at 13605-13619 South Dixie Freeway.

The offer breaks down to $374 a sq. foot. JLL’s Eric Williams represented MetLife. The potential buyers obtained financing from Goldman Sachs, but did not disclose the personal loan total in a press launch saying the deal.

Colonial Palms was done in 1988, records show. MetLife acquired the 15.2-acre assets in a 1993 auction following foreclosing on its prior proprietor.

The buying heart is 97 percent occupied, with a tenant roster including Marshalls/HomeGoods, PetSmart, Aged Navy, Celebration Metropolis and Miller’s Ale Residence.

Miami-based Orion has been involved in far more than $7 billion in real estate transactions because its founding in 1978 and has a portfolio value $1 billion throughout the U.S. and Canada, according to its internet site. Launched in 2010 by Al-Rashid, Limestone shares a Miami business with Orion at 200 South Biscayne Boulevard and states it owns more than $200 million value of professional properties throughout the U.S.

The Colonial Palms transaction signifies the next offer in Pinecrest since last yr for Limestone and Orion. In March 2021, the joint enterprise paid $32 million for Pinecrest Town Middle, an business office and retail plaza at 12651 South Dixie Highway that is now going through a $4 million renovation.

In other South Florida retail offers this thirty day period, Hollywood-centered investor Todd Nepola acquired two adjacent browsing facilities in Lauderdale Lakes for $23.7 million, and Miami-primarily based Sofi Retails paid out $57 million for Doral Stores, a two-story retail outlet in Doral.



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