Schmier joint venture spends $38M on Doral shopping center

Bed Bath & Beyond Plaza last traded for $10.3M in 2014

Miami /
Jan.January 03, 2018 03:00 PM

Bed Bath & Beyond Plaza and Danny Finkle, Luis Castillo, and Eric Williams (Credit: RPAI and HFF)

UPDATED, 5:55 p.m., Jan. 3: Schmier Property Group just purchased a Bed Bath & Beyond-anchored shopping center in Doral for $37.9 million, a source close to the deal confirmed.

A joint venture between the Boca Raton-based retail and office developer, led by Brian Schmier, and Independencia Asset Management acquired the 107,000-square-foot shopping center at 10640 Northwest 19th Street for about $355 per square foot. An affiliate of Retail Properties of America Inc. sold the property and transferred the leasehold interest to Schmier Property Group.

Records show the deed traded hands for $7.34 million and the leasehold interest for about $30 million.

RPAI, a real estate investment trust based in Oak Brook, Illinois, paid $10.3 million for the Bed Bath & Beyond Plaza ground lease in 2014. The nearly 10-acre retail center, next to Miami International Mall, was built in 2003.

HFF Miami’s Danny Finkle, Luis Castillo and Eric Williams listed the property in June. Other tenants include Office Depot, Pier 1 Imports, Starbucks, Moe’s Southwestern Grill and Fuddruckers.

Schmier & Feurring affiliate Schmier Property Group is also working with Giles Capital Group and Rosemurgy Properties to build a mixed-use development on agricultural land west of Boca Raton. Schmier & Feurring also developed University Commons near Florida Atlantic University, which sold for $80.5 million in 2015.

An earlier version of this story incorrectly identified the buyer as Schmier & Feurring. The buyer is actually a joint venture between Schmier & Feurring affiliate Schmier Property Group and Independencia Asset Management. 


Related Articles

arrow_forward_ios
21046 Commercial Trail, Boca Raton (Google Maps, iStock)
New bowling alley lease couldn’t keep South Florida’s retail market out of the gutter in Q4
New bowling alley lease couldn’t keep South Florida’s retail market out of the gutter in Q4
2195 Northwest 103rd Street (Google Maps, iStock)
Four South Florida gas stations sell for $15M
Four South Florida gas stations sell for $15M
Stephen Schwarzman with the site (Getty, Google Maps)
Blackstone pays $21M for Doral industrial dev site
Blackstone pays $21M for Doral industrial dev site
Nautical Ventures Marine CEO Roger Moore and Holman Automotive CEO Brian Bates with 1400 South Federal Highway (Google Maps)
Holman sells former Fort Lauderdale BMW dealership for $6M
Holman sells former Fort Lauderdale BMW dealership for $6M
Rendering of the Dorsey with Alex Karakhanian, Jon Paul Perez and Tricera’s Scott Sherman and Ben Mandel (iStock)
Related scores $88M construction loan for Dorsey project in Wynwood
Related scores $88M construction loan for Dorsey project in Wynwood
Axonic's Clayton DeGiacinto and Jonathan Shechtman with 10000 Northwest 45th Terrace, Doral (Google Maps)
Axonic Properties pays $37M for bulk purchase of Doral condos
Axonic Properties pays $37M for bulk purchase of Doral condos
12301 West Sunrise Boulevard with Raanan Katz, Bob Barth, Zach Zalben and Stanley Black (Google Maps, Linkedin, Getty)
Miami Heat minority owner continues Best Buy shopping spree with $12M Plantation deal
Miami Heat minority owner continues Best Buy shopping spree with $12M Plantation deal
From top: Ruben Lujo from Broward Meat, SunCap's Scott Auker and Ross Realty's Barry Ross with Penn Dutch Plaza shopping center in Margate (Linkedin, Google Maps)
Part of Margate shopping center formerly anchored by Penn Dutch sells for $12M
Part of Margate shopping center formerly anchored by Penn Dutch sells for $12M
arrow_forward_ios

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

Loading...