 |
Plaza San Remo, a 59,694-square-foot, fully leased, Whole Foods Market-anchored retail center that is part of a larger mixed-use project in the Miami-area community of Coral Gables, FL |
 |
| Roy Rosenbaum |
JLL
marketed the property on behalf of an institutional investment advisor. A newly
raised core fund advised by Zurich Alternative Asset Management, LLC (“ZAAM”)
of New York purchased the asset.
 |
| Danny Finkle |
The
rest of the tenants include Pediatric Associates and OXXO Care Cleaners, both
of which have made long-term commitments to the center.
The property is at 6701 Red Rd. and is the
ground-floor retail component of a seven-story, trophy, mixed-use asset that
also features medical office space and a seven-story parking garage.
Plaza San
Remo is surrounded by a dense and affluent Coral Gables customer base that
includes 111,533 residents with an average annual household income of more
than $135,000 that live within three miles of the property.
Additionally,
the location at the crossroads of Coral Gables and South Miami places it near
several demand drives, including more than 1.8 million square feet of office
space within a half mile, the University of Miami and South Miami Hospital.
 |
| Sean Bannon |
“This is
the second investment in our newly raised third-party fund,” added Sean
Bannon, Managing Director and Head of U.S. Real Estate for Zurich.
“The
physical, locational and tenancy features will do well for our international
investors, offering them an attractive yield, term and credit.
"We anticipate
this will be a long-term hold for us as we continue to invest in South
Florida.”
 |
| Luis Castillo |
The
JLL Retail Capital Markets team that represented the seller included Senior
Managing Director and Co-Head of JLL’s Retail Practice Danny Finkle,
Managing Director Luis Castillo and Director Eric Williams.
“Plaza
San Remo is a trophy Whole Foods store serving one of the most recognizable
residential submarkets in South Florida,” Finkle said.
“The
fantastic credit tenancy, core Coral Gables location and outstanding tenant
sales performance made Plaza San Remo a highly desirable asset by investors and
an unparalleled core investment opportunity.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.
 |
| Eric Williams |
The
firm has more than 3,700 Capital Markets specialists worldwide with offices in
nearly 50 countries.
For
more news, videos and research resources on JLL, please visit the firm’s U.S.
media center Web page: U.S. newsroom.
CONTACT:
Kimberly Steele,
JLL
Senior Associate
Public Relations
Phone: +1
713 852 3420
Email: Kimberly.Steele@am.jll.com
