The Real Deal Miami

Codina joint venture sells Doral shops for $9M

A Codina company also sold the 300-unit apartments next door for $100M in April

May 14, 2015 04:30PM
By Katherine Kallergis

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Seth Gadinsky, Doral Signature Shops and Armando Codina

Seth Gadinsky, Doral Signature Shops and Armando Codina

Doral Signature Shops, a new 11,110-square-foot retail development, sold for $9.1 million or $820 per square foot, Seth Gadinsky told The Real Deal.

A 50-50 joint venture between two companies, Dassett Ltd. and CC Lakeside OP, sold the shopping center. Dassett is a partnership between Daniel Hotte of Echion, and Seth Gadinsky and Justin Schultz of Gadinsky Real Estate, which developed and leased the shopping center last year, investing $5.7 million. Armando Codina, Jim Carr and K. Lawrence Gragg of CC Lakeside OP owned the land.

Palma Shopping LLC is the buyer, according to a press release. Ernesto Palma and Ricardo M. Valdes are listed as managers, corporate records show.

“Doral is really growing. We were fortunate enough to find a retail site,” Gadinsky told TRD. “It has been a great partnership.”

Mercantil Commercebank, Starbucks and Graziano’s are among the plaza’s anchor tenants. Scott Sandelin and Edward Romo of Marcus & Millichap represented the sellers, and Jeffrey Roa of Doral Isles Real Estate represented the buyer.

The 1.8-acre site is located on the corner of Doral Boulevard and Northwest 114th Avenue, adjacent to the 300-unit Doral Signature Apartments, which Codina-Carr Residential sold in April to AMLI for $100 million.

Codina is developing Downtown Doral, a master-planned community that will include eight to nine mid-rise condo towers, more than 1 million square feet of office space, a K-5 charter school, and 70 retail stores and restaurants.