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Schmier joint venture spends $38M on Doral shopping center

Bed Bath & Beyond Plaza last traded for $10.3M in 2014
By Amanda Rabines | January 03, 2018 03:00PM

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.