The Real Deal Miami

Pinecrest shopping center repositioning to front U.S. 1

Net asking rents range from $45 to $60 psf

January 14, 2015 09:45AM
By Ina Cordle

  • Print

Pinecrest Shops will be built partly on the site of the former Gardner’s Market

Comras Company has launched a leasing program for a shopping center it’s developing on U.S. 1 in Pinecrest.

When completed later this year, Pinecrest Shops, on South Dixie Highway and Southwest 124th Street, will be a 23,000 square-foot center with retail and restaurant tenants. Net asking rents range from $45 per-square-foot to $60 per-square-foot, said Michael Comras, president and chief executive of Comras Company.

The firm is marketing to national and local tenants, and is in negotiations with several prospective tenants, Irma Figueroa, director of retail leasing and sales, told TRD. 

By combining three parcels, including the sites of the former Gardner’s Market and True Value Hardware, Comras has repositioned the property that faced Southwest 124th Street to now face both that street and the major artery of U.S. 1, he said.

“U.S. 1 is an incredible corridor for retail,” Comras said.

Comras paid $1.165 million for the Signs R Us site at 12305 South Dixie Highway in December 2012, and $1.6 million for the Malanga Cafe site at 12313 South Dixie Highway, according to Miami-Dade property records. The restaurant will remain open, Comras said.

As part of the assemblage of parcels, Comras said he bought a joint venture interest with attorney Richard Wood, whose family had owned the sites of  Gardner’s Market and True Value Hardware for several decades. The groundbreaking took place about two weeks ago.