The Real Deal Miami

South Florida’s biggest retail sales in October

Downtown Dadeland in Kendall fetched the highest price: $78.2M
By Amanda Rabines |
Research by Haru Coryne
November 23, 2018 10:00AM

Rendering of Downtown Dadeland

Downtown Dadeland – Midtown Capital Partners | $78.2M

Midtown Capital Partners’ $78.2 million purchase of Downtown Dadeland’s ground floor retail marked the most expensive retail sale in October.

The deal includes about 126,000 square feet of retail space at 7270 North Kendall Drive that’s 97 percent leased to tenants like Pasión del Cielo, West Elm, Orangetheory Fitness, Ghee and Harry’s Pizzeria.

The mixed-use project features more than 400 residences. The seller, a joint venture between Pebb Capital and Duncan Hillsley Capital, still owns the condo portion.

Downtown Dadeland was built in 2008 and renovated in 2015. Pebb Capital and Duncan Hillsley Capital paid $39 million for the property in 2014. It was 50 percent leased at the time. CREC handles leasing at the retail space.

Rendering of a Publix Supermarket

18320 Collins Avenue – Dezer Development | $31.7M

The second priciest deal in October involves Publix and Porsche Design Tower developer Gil Dezer of Dezer Development.

Publix Super Markets sold nearly an acre of waterfront land at 18320 Collins Avenue for $31.7 million to Dezer Development. The deal left Publix with ownership of an adjacent site where it recently renovated one of its supermarkets.

Since Dezer Development also owns land immediately to the north, the company now controls roughly 4.5 acres of land with significant frontage on the Intracoastal Waterway. The deal is an indicator the developer may be embarking on yet another condo project in the area.

Winfield Plaza

Winfield Plaza – Investments Limited | $13.1M

Developer James Batmasian bought a retail strip center in Boca Raton for $13.1 million.

The 30,683-square-foot Winfield Plaza at 515 Northeast 20th Street traded hands for $427 per square foot. The land spans more than 2.8 acres. The property sold 93 percent occupied to tenants including Osha Thai Restaurant, Sweet Deals Chocolates, Subway and Señor Burrito.

The seller is a company led by Giovanni Cannavo, Juan Alvarez and the Panamanian law firm Galindo, Arias & López. Records show the entity, Taormina Investments S.A., spent more than $1.2 million assembling the property between 1978 and 1985.

2200 South Federal Highway

2200 South Federal Highway – HGreg | $11M

Used car dealer HGreg expanded its real estate portfolio when it purchased a former Nissan dealership in Delray Beach for $11 million.

Fort Lauderdale-based AutoNation was the seller. The sale of the dealership at 2200 South Federal Highway broke down to about $230 per square foot.

The 3.76-acre site last sold for $5.2 million in 2005. It was built in 1970 and spans 47,694 square feet.

A 7-Eleven convenience store

7-Eleven Plaza – David K. Hass | $5M

The fifth largest retail sale in October was David K. Hass’ $5 million purchase of a corner lot with retail space near Boca Raton’s Mizner Park.

The nearly 1-acre property features 11,025 square feet of retail space across three, stand-alone buildings on the northwest corner of South Dixie Highway and West Palmetto Park Road.

The seller, WGG Palmetto LLC, is led by Arnold Granet. Records show he paid $2.56 million for the properties in 2005.

The retail space is leased to a 7-Eleven convenience store, a dry cleaners and a number of fast-concept restaurants including Boca’s Best Pizza Bar, Mi Casita Mexican and Pita Principle.