Miami mixed-use site sells for $56M

Miami /
Jul.July 29, 2014 10:30 AM

The Greenery Mall and Dadeland Square Offices in Miami’s Kendall neighborhood changed hands for $56 million, The Real Deal has learned.

A company tied to Coral Gables-based COFE Properties acquired the 7700 North Kendall Drive complex in a transaction recorded last week, according to Miami-Dade County records. The company received a $42 million loan from JPMorgan Chase Bank for the purchase. The mortgage matures in August 2024.

COFE is a private real estate investment and development firm that invested heavily in South Florida during last decade’s real estate boom, according to the company’s website. Its principals sold all of their U.S. properties in 2006 and 2007. The company returned to the South Florida market in December 2011, when it acquired a foreclosed Hialeah office building.

The seller of the nearly 241,000-square-foot complex is Kendall-77 Ltd., which shares a mailing address with the Miami-based Green Companies. One of Miami’s oldest family-owned real estate firms, the Green Companies launched in 1948, according to its website. County records do not indicate what the firm paid for the Greenery Mall and Dadeland Square site.

Tenants at the Greenery Mall include Guitar Center, Jo-Ann Fabrics, TJMaxx/HomeGoods and Starbucks.


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