A shopping plaza in Pinecrest that houses local offices for brokerages Coldwell Banker and EWM Realty was just sold for $32 million.
The Pinecrest Town Center, at 12651 South Dixie Highway, is a 96,075-square-foot shopping plaza that sits on a 5.2-acre lot. It houses mostly single-story stores and restaurants, plus a four-story office building.
The center was purchased by Cofe Town Center, which is managed by Mario Fernandez. The company is linked to Cofe Properties, which invests in income-producing real estate in Florida.
The group also took out a 20-year, $23.53 million loan from JP Morgan Chase Bank, the South Florida Business Journal reported.
The plaza — built in 1985 — last sold in 2005 to Pinecrest Realty Associates for $21.5 million, according to Miami-Dade property records. Pinecrest Realty Associates has ties to New York-based Cohen Commercial properties. — Sean Stewart-Muniz