The Real Deal Miami

DDR and Blackstone sell Miramar shopping center for $40M

Shopping center is anchored by a Ross Dress for Less and a new HomeGoods store
By Amanda Rabines | April 30, 2018 02:30PM

Fountains of Miramar and Stockbridge’s Terry Fancher and Sol Raso (Credit: Cushman & Wakefield and Stockbridge)

A joint venture between real estate investment trust DDR Corp. and Blackstone just sold a shopping center in Miramar for $40 million, property records show.

The buyer of the Fountains of Miramar, at 3001 Southwest 160 Avenue, is a company tied to Stockbridge Capital Group. The shopping center spans about 150,000 square feet, and is just west of I-75 where Miramar Parkway meets Dykes Road.

Records show the joint venture bought the property from Prologis in 2015 for about $35.8 million. The shopping center, whose tenants includes Ross Dress for Less, Marshalls, Pet Supermarket and a new HomeGoods, features about 1,120 parking spaces, according to online marketing materials.

A representative for DDR Corp. was not immediately available to comment. Neighboring outparcels, not included in the sale, consist of retailers and restaurants like Home Depot, Chipotle, Benihana and a Chick-fil-A.

Cushman & Wakefield’s Mark Gilbert, Adam Feinstein and Mitchell Halpern had the listing. The shopping center sold 96 percent occupied, according to a spokesperson.

DDR is a Beachwood, Ohio-based shopping center owner and management company. It’s current CEO, David Lukes, recently announced plans to spin off 50 of DDR’s shopping centers into an independent publicly traded REIT, valued at $3 billion. The REIT will consists of 38 U.S. assets, and DDR’s entire Puerto Rico portfolio of 12 assets, according to Forbes.

In December, Stockbridge Capital paid developer Alex Karakhanian $22 million for a building in the Miami Design District that houses the international fashion school Istituto Marangoni.