Pinecrest Buying Middle Trades For $71M

Orion Actual Property’s Kevin Sanza and Joseph Sanz with Colonial Palms Plaza at 13605-13619 South Dixie Freeway (Orion Actual Property, Google Maps)

After retaining it on its books for practically 30 years, Metropolitan Life Insurance coverage has offered a Pinecrest procuring heart to a Miami-based three way partnership for $70.5 million.

An affiliate of Ibrahim Al-Rashid’s Limestone Asset Administration and Joseph Sanz’ Orion Real Estate Group picked up the Colonial Palms Plaza, a retail outlet with 4 outparcels spanning greater than 188,000-square-feet at 13605-13619 South Dixie Freeway.

The deal breaks all the way down to $374 a sq. foot. JLL’s Eric Williams represented MetLife. The patrons received financing from Goldman Sachs, however didn’t disclose the mortgage quantity in a press launch asserting the deal.

Colonial Palms was accomplished in 1988, information present. MetLife acquired the 15.2-acre property in a 1993 public sale after foreclosing on its earlier proprietor.

The procuring heart is 97 p.c occupied, with a tenant roster together with Marshalls/HomeGoods, PetSmart, Outdated Navy, Social gathering Metropolis and Miller’s Ale Home.

Miami-based Orion has been concerned in additional than $7 billion in actual property transactions since its founding in 1978 and has a portfolio value $1 billion throughout the U.S. and Canada, based on its web site. Based in 2010 by Al-Rashid, Limestone shares a Miami workplace with Orion at 200 South Biscayne Boulevard and says it owns greater than $200 million value of economic properties throughout the U.S.

The Colonial Palms transaction represents the second deal in Pinecrest since final 12 months for Limestone and Orion. In March 2021, the three way partnership paid $32 million for Pinecrest City Middle, an workplace and retail plaza at 12651 South Dixie Freeway that’s presently present process a $4 million renovation.

In different South Florida retail offers this month, Hollywood-based investor Todd Nepola acquired two adjoining procuring facilities in Lauderdale Lakes for $23.7 million, and Miami-based Sofi Retails paid $57 million for Doral Retailers, a two-story retail outlet in Doral.