The Real Deal Miami

Cofe Properties buys Pinecrest shopping center for $32M

96,075 sf plaza has retail and four-story office building

May 06, 2015 04:30PM

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Pinecrest Town Center

Pinecrest Town Center

A shopping plaza in Pinecrest that houses local offices for brokerages Coldwell Banker and EWM Realty was just sold for $32 million.

The Pinecrest Town Center, at 12651 South Dixie Highway, is a 96,075-square-foot shopping plaza that sits on a 5.2-acre lot. It houses mostly single-story stores and restaurants, plus a four-story office building.

The center was purchased by Cofe Town Center, which is managed by Mario Fernandez. The company is linked to Cofe Properties, which invests in income-producing real estate in Florida.

The group also took out a 20-year, $23.53 million loan from JP Morgan Chase Bank, the South Florida Business Journal reported.

The plaza — built in 1985 — last sold in 2005 to Pinecrest Realty Associates for $21.5 million, according to Miami-Dade property records. Pinecrest Realty Associates has ties to New York-based Cohen Commercial properties. — Sean Stewart-Muniz

  • WannaBeLandlord

    Good location and a lot of potential as leases turn over.