The Real Deal Miami

Lennar affiliate puts Kendall shopping center for sale at $19M

Previous owners foreclosed on $26 million mortgage

November 17, 2015 04:30PM

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The West Sunset Square at 15725 Southwest 72nd Street

The West Sunset Square at 15725 Southwest 72nd Street

An affiliate of the Lennar Corp., one of the county’s largest homebuilders, just listed a West Kendall shopping center for $18.8 million.

The shopping center is called West Sunset Square and is located at 15725 Southwest 72nd Street. Some of its tenants include Dollar Tree, Valsan and Planet Fitness. All 64,579 square feet of its space is leased out, according to the property’s listing.

Kirk Olson and Drew Kristol

Kirk Olson and Drew Kristol of Marcus & Millichap

Rialto Capital Management, a subsidiary of Lennar, purchased the shopping strip and a separate Walgreens outparcel for $18.3 million from Compass Bank in 2013. The bank had seized the properties that same year after their previous owner, an affiliate of Woolbright Development, foreclosed on a $26 million mortgage, according to Miami-Dade County property records.

A year later, Rialto sold off the Walgreens outparcel at 15705 Southwest 72nd Street for $9.6 million, while retaining ownership of the larger shopping complex.

Kirk Olson and Drew Kristol of commercial brokerage Marcus & Millichap are listing the property.

“More than 42 percent of West Sunset Square’s tenants are national retailers,” Olson said in a news release. “The property offers stable in-place cash flow with annual rental increases built into the majority of the leases.”  

Rialto is a real estate investment and management company based in Miami. The Lennar affiliate was launched in 2007 to focus on distressed and “under-managed” properties. — Sean Stewart-Muniz