The Real Deal Miami

Jamestown picks up shopping center in northwest Miami-Dade

Publix-anchored shopping center traded for $314 psf
By Amanda Rabines | October 18, 2017 02:00PM

Country Club Plaza, Mark Gilbert and Adam Feinstein (Credit: Cushman & Wakefield)

UPDATED Oct. 18, 6:15 p.m.: Jamestown just closed on a Publix-anchored shopping plaza in northwest Miami-Dade for $34.25 million, property records show.

The Atlanta-based investment and management firm paid $314 per square foot for the nearly 109,000-square-foot Country Club Plaza shopping center at 18454 Northwest 67th Avenue, near Miami Lakes and Hialeah.

An affiliate of Deutsche Asset Management’s RREEF America REIT sold the property. Records show SDC Retail Country Club Plaza LLC, paid $22.25 million for the shopping center in 2007.

Cushman & Wakefield’s Mark Gilbert and Adam Feinstein represented the seller. Steven Henenfeld and Ariel Bernstein of Continental Real Estate Companies handled leasing. Henenfeld said the plaza, built in 1985, was fully leased when it sold to Jamestown. If space were to become available, annual rents could reach $36 per square foot, triple net, Henenfeld said.

Tenants include a CVS Pharmacy, Party City and Panera Bread. Publix occupies about 40,000 square feet in the plaza.

Jamestown has been active in New York and South Florida. In South Beach, it owns several retail buildings, including the Art Deco-style Victoria’s Secret site on Collins Avenue.

In New York, Jamestown is developing Industry City, a planned 6.5 million-square-foot office, industrial and retail campus spread over 30 waterfront acres in Sunset Park, Brooklyn, with Belevedere Capital.