Comras-led group pays $12.1M for Grove Station Shops
Michael Comras has led a group of investors to buy the Grove Station Shops for $12.1 million, and plans to renovate the property, he told The Real Deal.
The shopping center, at 2720 South Dixie Highway in Miami, has 18,962 square feet of space on 1.45 acres, according to Miami-Dade property records. It was built in 1994. Tenants include Pet Supermarket, Dunkin’ Donuts, Subway, Jenny Craig, Supercuts and AT&T. Pollo Tropical occupies a separate, adjacent out-parcel.
“I’ve always been a big fan of South Dixie Highway frontage,” Comras told TRD. Among other projects, Comras Company is developing Pinecrest Shops, on South Dixie Highway and Southwest 124th Street. The 23,000 square-foot shopping center, with retail and restaurant tenants, will be completed within three months, he said. “The Comras Company has been active along South Dixie Highway for many years, and continues to build on that market.”
Comras and his partners bought Grove Station Shops in an off-market deal late last week from the Marlin family, Ltd., whose manager is Ann Bowen. Property records show the family paid $1.6 million for the land in 1993 before developing the shopping center.
Comras said the center is fully leased, and has its original tenants.
“The idea is to renovate and clean up, maintain and grow the asset for the long term,” Comras told TRD, citing the shopping center’s convenient location and popularity among local residents. “I look at it as an asset that will continue to prosper and grow and maintain tenancy similar to what it has.”