High-performing Miami shopping center trades for $70 million to Orion and Limestone Asset Management

 

Kim Flores

MIAMI, FL – JLL Capital Markets has closed the $70 million sale of Colonial Palms Plaza, a 188,389-square-foot, high-performing retail center located in Palmetto Bay, Florida.

      Colonial Palms Plaza, a 188,389-SF, high-performing 

                retail center located in Palmetto Bay, FL

JLL represented the seller, a MetLife Investment Management advised-client. An entity controlled by Orion Real Estate Group and Limestone Asset Management acquired the asset.

 

The JLL Capital Markets team was led by Senior Managing Director Danny Finkle, Senior Directors Eric Williams and Jorge Portela and Vice President Kim Flores

 Danny Finkle

“Large format retail centers along US-1 in Miami are far and few between and highly coveted by the highest quality retailers and restaurants,” said Finkle. “Rarely do these centers trade hands, and as a result, Colonial Palms was highly sought after by the industry’s leading investors.”

 

Institutionally managed by a single owner for nearly 30 years, Colonial Palms Plaza is a 97.3-percent-occupied shopping center leased to an impressive roster of leading national retailers, including Marshalls/HomeGoods, PetSmart, Old Navy, Five Below, Party City and Panera Bread, along with high-profile outparcels, including Visionworks, Millers Ale House and Checkers.

 

Eric Williams

The property receives approximately 2.4 million visits per year, and its tenants have a weighted average tenure of 22.8 years.

 

Situated at 13601 - 13621 S. Dixie Highway, the 15-acre property sits at the southeast corner of US-1 and 136th Street with a high barrier to entry.

 

 Its location allows the center to be visible to approximately 92,800 vehicles per day. Additionally, the property benefits from a population of 101,637 and an average household income of $149,442 within a three-mile radius.

 

Jorge Portela

 JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

 

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization.

 

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 

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Contact: 

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com

  

https://orionmiami.com

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