Colonial Palms Plaza. Picture by Joe Blazejack, courtesy of Orion Actual Property Group
Orion Actual Property Group and Limestone Asset Administration have collectively bought Colonial Palms Plaza, a 188,389-square-foot retail middle in Miami, for $70.5 million. A MetLife Funding Administration shopper offered the asset with the help of JLL, which additionally secured acquisition financing from Goldman Sachs.
Two years in the past in March, the three way partnership closed on the $32 million buy of neighboring Pinecrest City Heart, located a few mile from Colonial Palms Plaza. In September of final 12 months, the house owners started a $4 million renovation of the property, with completion slated for the second quarter of this 12 months.
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JLL Capital Markets Senior Managing Director Danny Finkle and Vice President Kim Flores, along with Senior Administrators Eric Williams and Jorge Portela, represented the vendor of Colonial Palms Plaza. Orion Actual Property President Kevin Sanz led the acquisition of behalf of the brand new house owners.
Retail fundamentals showcase resilience
Colonial Palms Plaza encompasses seven buildings that have been accomplished in 1988 on a 15-acre website. The property was 97.3 % leased on the time of sale, with greater than 29 nationwide, regional, native service and retail services-focused tenants on its roster.
Located at 13601-13621 S. Dixie Freeway, on the southeast nook of U.S. Route 1 and 136th Avenue, the retail middle sits in an space the place the every day automobile visitors reaches roughly 92,800 automobiles. Attracting almost 2.4 million visits on an annual foundation, Colonial Palms Plaza serves a inhabitants of 101,637 residents inside a 3-mile radius.
Retail transactions are prone to give attention to higher-quality property and strong areas with experiential retail alternate options this 12 months, based on latest PwC insights. The “flight-to-quality” tendency may also have a huge impact on the curiosity of retail traders within the upcoming months.
