The Real Deal Miami

Miami’s London Square sells for $95.25M

January 05, 2011 02:00PM

London Square

London Square, a retail shopping center and office building at the intersection of SW 137th Avenue and SW 120th Street in Miami, has been acquired by institutional investment advisor, RREEF, on behalf of an offshore client for $95.25 million, or $318.42 per square foot. CB Richard Ellis’ National Retail Investment Group Florida Team exclusively represented the seller, which was an affiliate of Boca Raton-based Woolbright Development, a real estate investment firm. The purchaser’s advisor, RREEF, is the real estate investment management business of Deutsche Bank’s Asset Management division. “The London Square sale is the largest transaction involving an open air shopping center in Florida since 2008,” said Casey Rosen, senior vice president for CBRE. London Square totals 299,103 square feet., including a 60,665-square-foot office building. The property is currently 99 percent leased with tenants including TJ Maxx / Homegoods, Miami Children’s Hospital, Party City, Dollar Tree and Starbuck’s. TRD