The Real Deal Miami

South Florida’s 10 biggest retail deals of 2016

From the Palms at Town & Country in Kendall to Shopper's Haven in Pompano Beach and more

December 28, 2016 09:45AM
By Ina Cordle

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Clockwise from top left: Rendering of Gables Station, Oakwood Plaza and the Palms at Town & Country

South Florida shopping centers and retail sites were hot commodities in 2016, with a slew of properties changing hands during the year.

The top 10 deals were spread throughout the tri-county region, ranging from $285 million to $50 million.

Here is The Real Deal‘s list of the 10 top South Florida retail sales for the year, based on CoStar Group data.

#1: The Palms at Town & Country, Kendall

Topping the list was the $285 million sale of the Palms at Town & Country in July.

Weingarten Realty Investors, based in Houston, Texas, bought the 70-acre open-air shopping center in Kendall. The seller was TIAA, a New York-headquartered financial services provider for academics and government employees that has about $861 billion in assets under management.

At 664,000 square feet, the Palms at Town & Country is Kendall’s second largest shopping center, after Dadeland Mall, which has 1.4 million square feet of floor space. The center also underwent a major renovation in 2010.

Commercial brokerage HFF represented the seller.

#2: Oakwood Plaza, Hollywood

Kimco Realty Corp. bought out its partner, paying $215 million for its share of Oakwood Plaza in Hollywood in April.

The real estate investment trust took full ownership of the fully leased 900,000-square-foot shopping plaza at 3800 Oakwood Boulevard. The seller was the Canada Pension Plan Investment Board, a massive financial firm that manages pensions on behalf of 18 million Canadians. CPP owned a 45 percent stake before selling.

#3: Deerfield Mall, Deerfield Beach

Weingarten Realty Advisors made another big buy in South Florida during the year with its $92.75 million purchase of the Deerfield Mall in Deerfield Beach in May.

Cornfeld Group was the seller of the nearly 180-acre retail center with 394,248 square feet, at 3700 and 3650-4060 West Hillsboro Boulevard. The mall was nearly 95 percent leased at the time of the sale, with tenants including Publix, TJ Maxx, Marshalls, Ulta, YouFit Health Club, and Cinepolis Theater.

HFF’s Daniel Finkle, Luis Castillo, Nat Scarmazzi and Scott Wadler brokered the sale.

#4: The Promenade at Coconut Creek, Coconut Creek

AEW Capital Management paid $85.6 million for the Promenade at Coconut Creek in May.

An entity controlled by New York-based Garrison Investment Group sold the nearly 300,000-square-foot open-air mall in Broward County. The 30-acre plot, at 4401 Lyons Road, was developed in 2008 and includes 250,000 square feet of retail space and more than 47,000 square feet of office space.

HFF’s Luis Castillo, Daniel Finkle and Nat Scarmazzi represented the seller, and Chris Drew and Brian Gaswirth of HFF’s debt placement team represented AEW. AEW manages investments primarily on behalf of institutional and private investors with about $34 billion worth of assets in North America.

The LEED Silver-certified retail center is anchored by Silverspot Cinema and Guitar Center and is 89 percent leased to 35 stores and 14 restaurants that include DSW, Starbucks, World of Beer, Lane Bryant and Sur La Table.

#5: Southern Palm Crossing Shopping Center, Royal Palm Beach

Blackstone Group bought the Southern Palm Crossing Shopping Center in April for $78.5 million.

Gertz Builders & Developers sold the 339,648-square-foot shopping center that was 97 percent leased at the time of the sale. Located at 11031 Southern Boulevard, the center is anchored by Costco, Marshalls, Homegoods and Stein Mart. The price equated to about $231 per square foot.

CBRE’s National Retail Investment Group in Florida, led by Executive Vice Presidents Casey Rosen and Dennis Carson, represented the seller.

#6: Suniland Shopping Center, South Miami-Dade

A Terranova Corp. affiliate sold the Suniland Shopping Center to Denver-based Dividend Capital for $66.5 million in May.

Miami Beach-based Terranova’s Suniland Associates Ltd. had owned the property for 22 years, originally purchasing the center in two transactions: paying $9.3 million in 1994, then buying an out-parcel for $1.12 million in 1996. The total was $10.4 million for the 82,000-square-foot property on 7.11 acres at 11325 South Dixie Highway in Pinecrest.

The latest sale price equated to $811 per square foot. The sale was brokered by Mark Gilbert of Cushman and Wakefield.

The shopping center’s tenants include Flanigans, Piola, SunTrust, Citicorp, the U.S. Post Office, CVS, Nicklaus Children’s Hospital, Pete’s Barber Shop and Wagons West.

#7: Gables Station development site at 251 South Dixie Highway, Coral Gables

Berkowitz Development Group sold the Gables Station development site to NP International for $60.25 million in October.

The site, at 251 South Dixie Highway, encompasses 4.3 acres. NP International, led by Brent Reynolds, had received approval in July from the Coral Gables City Commission for a transit-oriented mixed-use project on the land that will replace  a surface parking lot and small building.

Plans show Gables Station will be divided into three towers with a total of 526 luxury apartments, 66 hotel/extended-stay units, 75,294 square feet of retail space, and a paseo with green space.

#8: 75-81 Northeast 39th Street, 55 Northeast 39th Street and 56 Northeast 40th Street, Design District, Miami

Marking a major deal in Miami’s Design District, New York-based Thor Equities sold four properties for $59.83 million, or $3,132 per square foot for the land, in January.

An affiliate of RedSky Capital and JZ Partners purchased the sites at 55 Northeast 39th Street, 56 Northeast 40th Street and 75-81 Northeast 39th Street.

Thor had paid $16 million for the first two properties in March 2015 and about $15 million for the latter two in October 2014. The parcels include about 9,000 square feet of buildings, as well as a 4,700-square-foot parking lot at 55 Northeast 39th Street.

#9: 2000 Collins Avenue, Miami Beach

Madison Capital bought the retail component of South Beach’s Boulan building from BEB Real Estate for $57.3 million in September.

In the deal, Madison acquired 40,000 square feet of retail space on the Boulan’s ground floor, located at 2000 Collins Avenue. The deal, which breaks down to $1,432 per foot, also includes the building’s six-story parking garage.

Tenants include Coya owner Arjun Waney’s DOA, a new Latin-Asian eatery with 160 seats; fashion store Curve; rustic eatery Orange Blossom; blowdry salon Dry De Luxe and others.

Newmark Grubb Knight Frank brokered the deal.

#10: Shopper’s Haven Shopping Center, Pompano Beach

Chris and Carmen Partridge, a pair of real estate investors, paid $50 million for the Shopper’s Haven Shopping Center in Pompano Beach in November. The sale marked Pompano’s biggest commercial deal of the year.

The seller was real estate investment trust Brixmor Property Group.

Located at 3301 North Federal Highway, the 206,791-square-foot shopping center was built in 1964 and is anchored by Winn-Dixie. The deal breaks down to just below $242 per square foot. Kolec Ndoja of RE/MAX First was the broker.

Data from the CoStar Group shows the property is 99 percent leased. Shopper’s Haven has traded hands several times through a series of REIT mergers and acquisitions, most recently when the Centro Properties Group — which later changed its name to Brixmor — bought out the Heritage Property Investment Trust in 2006 as part of a $3.2 billion deal. The retail property’s last outright sale was in 1999 when it sold for $11 million.

TRD Researcher Eda Kouch contributed to this report.

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