The Real Deal Miami

Dezer company gets Intracoastal Mall for $64M

Canyon-Johnson Urban Fund sells North Miami Beach property
December 20, 2013 11:15AM

Winn-Dixie at the Intracoastal Mall

Winn-Dixie at the Intracoastal Mall

A company tied to Dezer Development has taken ownership of the Intracoastal Mall in North Miami Beach in a $63.5 million transaction, The Real Deal has learned.

Dezer Intracoastal Mall acquired the 3501 Sunny Isles Boulevard mall on Dec. 13, according to Miami-Dade County records. The county recorded the transaction Wednesday. State corporate records identify Michael Dezer as manager of Dezer Intracoastal.

CJUF III Intracoastal filed the special warranty deed transferring title to the Dezer company. The company is controlled by Magic Johnson’s Los Angeles-based Canyon-Johnson Urban Fund. It acquired the mall in March 2012 from a company tied to Boca Raton-based Woolbright Development, which turned over the property to resolve a foreclosure action.

Built in 1986 on more than 26 acres, the Intracoastal Mall has nearly 271,000 square feet of retail space. The mall is anchored by Frank Theatres, Old Navy Outlet, TJ Maxx and Winn-Dixie, according to its website.

Dezer’s future plans for the property are unclear. It could continue operating the mall as an income-producing asset or redevelop the site. — Eric Kalis