South Dade Shopping Center trades for $40.5 million

The South Dade Shopping Center has sold for $40.5 million, the South Florida Business Journal Reported. South Dade Shopping LLC, an entity associated with Des Moines, Iowa-based Principal Financial Group, bought the 213,661-square-foot property from WRI TC South Dade Shopping Center LLC, an affiliate of Houston, TX- based Weingarten Realty Investors.

The seller did not hold a mortgage on the center.

The property, located on 27.3 acres at 18403 S. Dixie Highway in Cutler Bay, sold at a 22 percent discount from its 2006 purchase price of $51.7 million. Current tenants include supermarket chain Publix, pet supplies store Petco, fast food chain Chuck E. Cheese’s and Bed, Bath & Beyond. [SFBJ] —Hiten Samtani