Continental Realty Corporation is diving into South Florida’s retail market for the first time, acquiring the Fresh Market-anchored shopping center at CityPlace Doral in Miami-Dade County for $87.5 million.
Baltimore-based Continental Realty, led by CEO JM Shapiro, acquired the 235,000-square-foot center at 8300 Northwest 36th Street in Doral, a press release states. The deal breaks down to $372 a square foot.
“We have secured an extremely well-positioned, entertainment-oriented lifestyle center that gives us a strong foothold in the South Florida market,” Shapiro said in a statement.
Danny Finkle and Jorge Portela with JLL brokered the deal.
The seller, Newark, New Jersey-based PGIM Real Estate, acquired the retail center when the 18-acre CityPlace Doral, which includes two apartment buildings, was completed in 2017, records show.
At the time, PGIM bought out Coconut Grove-based Related Group and Coral Gables-based Shoma Group, which developed the project, for an undisclosed price. PGIM was an equity investor. The same year, the joint venture sold one of the apartment buildings, the 394-unit Manor at CityPlace, for $135 million to TA Realty.
Continental Realty is taking over CityPlace Doral’s retail center with an 80 percent occupancy, the release states. In addition to Fresh Market, other tenants include CMX CineBistro, Anatomy Fitness, Carrot Express, Cooper’s Hawk and Copper Blues Rock Pub & Kitchen.
In a statement, Continental Realty Senior Vice President Josh Dinstein said CityPlace Doral represents “an excellent entry into the growing South Florida retail market.”
“CityPlace Doral also provides substantial upside potential, given the immediate availability of desirable retail space at the center,” Dinstein said. “[Continental Realty’s] in-house leasing team intends to take full advantage of the existing vacancies to further strengthen and diversify the tenant mix.”
The firm also plans to fund property improvements, including upgrading the parking garage and the on-site amenities, the release states.
With more than $4 billion in commercial real estate assets under management, Continental Realty has acquired 15 retail properties since 2021 via a $323 million fund, the release states.
