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| Kendall Corners, 12755 North Kendall Drive, Miami-Dade, FL (photo by Troy Morgan) |
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| Brad Peterson |
ORLANDO, FL –– Holliday
Fenoglio Fowler, L.P. (HFF) announced it has closed the $38.575 million sale of
and secured $27 million in acquisition financing for Kendall Corners, a
97,189-square-foot community retail center anchored by Ashley Furniture
HomeStore in Miami, Florida.
HFF arranged the sale on behalf of the seller,
Orion Real Estate Group. MMG Equity Partners
purchased the asset free and clear of existing debt. Additionally, HFF, working on behalf of the
new owner, placed a fixed-rate loan with a correspondent life insurance
company.
Completed in 1974, Kendall
Corners was most recently renovated in 2001 and comprises two multi-tenant
buildings in addition to one outparcel pad occupied by BankUnited.
Anchored by Ashley
Furniture HomeStore, the 92.8-percent-occupied center is home to a variety of
national and regional tenants, including Baptist Health, Phenix Salon, IHOP and
Mattress Firm.
Situated on 8.3 acres at 12755 North Kendall
Drive, Kendall Corners is positioned on the block between SW 127th and SW 132nd
Avenues, exposing the center to a combined 98,500 vehicles per day.
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| Whitaker Leonhardt |
The center is on the
“going home” side of Kendall Drive for residents commuting west from the
Florida Turnpike, which is less than one mile from the property.
Located in the Kendall submarket of
Miami-Dade, more than 209,458 residents earning an average annual income of $72,296
live within a three-mile radius of Kendall Corners.
The HFF investment sales
team was led by senior managing director Brad
Peterson and associate directors Whitaker
Leonhardt and Eric Williams.
The HFF debt placement
team was led by senior managing director Chris
Drew and director Scott Wadler.
“The Kendall submarket in
Miami continues to be one of the strongest retail markets in southeast Florida,
driven by the tremendous population density, nearby employment drivers,
favorable household incomes and high traffic counts,” Peterson said. “Kendall Corners is uniquely positioned as an
asset with a strong and stable tenant base with ideal future upside.”
For a complete copy of the company’s news release,
please contact:
Olivia Hennessey
Public Relations
Specialist
HFF | 9 Greenway Plaza
Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax
713.527.8725 | www.hfflp.com
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