Lennar affiliate puts Kendall shopping center for sale at $19M

Miami /
Nov.November 17, 2015 04:30 PM

An affiliate of the Lennar Corp., one of the county’s largest homebuilders, just listed a West Kendall shopping center for $18.8 million.

The shopping center is called West Sunset Square and is located at 15725 Southwest 72nd Street. Some of its tenants include Dollar Tree, Valsan and Planet Fitness. All 64,579 square feet of its space is leased out, according to the property’s listing.

Rialto Capital Management, a subsidiary of Lennar, purchased the shopping strip and a separate Walgreens outparcel for $18.3 million from Compass Bank in 2013. The bank had seized the properties that same year after their previous owner, an affiliate of Woolbright Development, foreclosed on a $26 million mortgage, according to Miami-Dade County property records.

A year later, Rialto sold off the Walgreens outparcel at 15705 Southwest 72nd Street for $9.6 million, while retaining ownership of the larger shopping complex.

Kirk Olson and Drew Kristol of commercial brokerage Marcus & Millichap are listing the property.

“More than 42 percent of West Sunset Square’s tenants are national retailers,” Olson said in a news release. “The property offers stable in-place cash flow with annual rental increases built into the majority of the leases.”  

Rialto is a real estate investment and management company based in Miami. The Lennar affiliate was launched in 2007 to focus on distressed and “under-managed” properties. — Sean Stewart-Muniz


Related Articles

arrow_forward_ios
Movers & Shakers: CBRE hires two senior vice presidents & more
Movers & Shakers: CBRE hires two senior vice presidents & more
Movers & Shakers: CBRE hires two senior vice presidents & more
Harlan Goldberg, Ricardo Esteves and Jacky Sasson
Movers & Shakers: Bespoke promotes managing director & more
Movers & Shakers: Bespoke promotes managing director & more
From left: Michael Helpern, Richard Hottinger and Norma Jean Callahan
Movers & Shakers: Ackman-Ziff hires Michael Helpern as director & more
Movers & Shakers: Ackman-Ziff hires Michael Helpern as director & more
David Purisch and Duff Rubin
Movers & Shakers: Duff Rubin takes over Coldwell Banker in Florida & more
Movers & Shakers: Duff Rubin takes over Coldwell Banker in Florida & more
Lennar's Stuart Miller, Rick Beckwitt  with the site (Google Maps; Lennar)
Lennar pays $8M for South Miami-Dade housing community site
Lennar pays $8M for South Miami-Dade housing community site
Lennar Executive Chairman Stuart Miller (iStock)
“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
Lennar's Stuart Miller and 28600 Southwest 132nd Avenue (Google Maps)
Lennar spends $29M on Homestead mobile home park, plans new community
Lennar spends $29M on Homestead mobile home park, plans new community
From left: Lisa Ferrazza, Joe Cerri, Frank Longo, Bob Kramer, and Daniel Abou-Jaoude
Movers & Shakers: Lennar names new co-CEO & more
Movers & Shakers: Lennar names new co-CEO & more
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...