The Palms at Town & Country, Kendall: $285 Million
The $285 million sale of the Palms at Town & Country last July comfortably tops the list of top Miami area retail property trades in 2016. The 70-acre open-air shopping center was purchased by Houston, Texas based Weingarten Realty Investors. TIAA, a New York-headquartered financial services provider servicing academic and government employees, and which has about $861 billion in assets under management, was the seller.
The Palms at Town & Country, renovated in 2010, is Kendall’s second largest shopping center with 664,000 feet. However, it is less than half the size of the largest, Dadeland Mall, with 1.4 million square feet of floor space.
Suniland Shopping Center, South Miami-Dade: $66.5 Million
In May, Suniland Shopping Center was sold by a Terranova affiliate to Dividend Capital out of Denver, Colorado for $66.5 million, $811 per square foot. Terranova’s Suniland Associates Limited. had owned the property for more than two decades. An out-parcel was added to the center via an add-on purchase a couple of years after its original purchase of the center.
Tenants of the shopping center include CVS, SunTrust, Flanigans, Piola, Citicorp, the U.S. Post Office, Nicklaus Children’s Hospital, Pete’s Barber Shop and Wagons West.
75-81 Northeast 39th Street, 55 Northeast 39th Street and 56 Northeast 40th Street, Design District, Miami: $59.83 Million
Thor Equities out of New York sold four Design District properties back in January for $59.83 million, $3,132 per square foot of land. The sites, located at 55 Northeast 39th Street, 56 Northeast 40th Street and 75-81 Northeast 39th Street, were bought by an affiliate of RedSky Capital and JZ Partners.
Thor had paid about $31 million combined for the properties inn 2014 and 2015. Included in the properties are about 9,000 square feet of buildings and a 4,700-square-foot parking lot.
2000 Collins Avenue, Miami Beach: $57.3 Million
The retail portion of South Beach’s Boulan building was purchased by Madison Capital from BEB Real Estate. The purchase, made in September, was for $57.3 million, $1,432 per square foot. As part of the purchase, Madison acquired 40,000 square feet of retail space located on the Boulan’s ground floor, which is located at 2000 Collins Avenue in Miami Beach (view Miami Beach sales and leasing trends). The building’s six-story parking garage was also included in the deal.
Tenants include the eateries DOA and Orange Blossom, the fashion store Curve, and the blow dry salon Dry De Luxe, among others.
Gables Station (retail development site), Coral Gables: $60.25 Million
The Gables Station development site was sold to NP International for $60.25 million this past October by Berkowitz Development Group. Located at 251 South Dixie Highway, it encompasses 4.3 acres in total. Buyer NP International had received approval back in July from the Coral Gables City Commission for a transit-oriented mixed-use project for the land, intended to replace a parking lot and small existing building.
Although a major portion of this is planned for retail development, multifamily and hotel development is also planned. Plans for Gables Station include three towers with a total of 526 apartments, 66 hotel and/or extended-stay units, and more than 75,000 square feet of retail space. Also planned is an area with green space.