Homestead shopping center sells for $62M

Homestead Pavilion is 100 percent leased

TRD MIAMI /
Jun.June 05, 2019 08:45 AM
Alan Esquenazi and Warren Weiser of CREC

Alan Esquenazi and Warren Weiser of CREC

A partnership between CREC Capital, MMG Equity Partners and Highline Real Estate Capital paid $62.2 million for one of the largest shopping centers in south Miami-Dade County.

The buyers bought the 302,346-square-foot Homestead Pavilion at 2400 Northeast 10th Court from RVT Homestead Pavilion, which is tied to Beachwood, Ohio-based SITE Centers Corp, records show. The price equates to $205 per square foot.

Homestead Pavilion is 100 percent leased to such tenants such as Ross Dress for Less, TJ Max, Old Navy, Michaels, Petco, Five Below, Bed Bath & Beyond, Panera Bread, Planet Fitness and Olive Garden, according to a release. The center was built in 2008.

The 42.06-acre retail center includes a 5.96-acre vacant site for future development.

Casey Rosen, Dennis Carson and Paul Ahmed from CBRE represented the seller.

While the retail industry is struggling nationally, some retail projects in South Florida continue to be in demand. At the same time, Homestead and south Miami-Dade are seeing more development and population growth, as home prices in Miami have become more expensive.


Related Articles

arrow_forward_ios
The Eureka Drive site, Deme Mekras, Elliot Shainberg

Garco buys Miami-Dade land for multifamily project

18901 Southwest 106th Avenue, MMG Equity Partners CEO Gabriel Navarro (Credit: Google Maps)

MMG Equity Partners picks up retail center in Cutler Bay

Rendering of the Plaza Coral Gables

Pinstripes bowling alley inks lease at The Plaza Coral Gables

Walgreens at 3200 South Federal Highway

Walgreens sells Delray Beach store on Federal Highway

Daily Digest Miami

Miami-Dade approves Brightline deal to build PortMiami station, WeWork eyeing electronic gaming play: Daily digest

1075 Southeast Sixth Avenue and Arnaldo Bomnin (Credit: Google Maps)

Auto magnate sells a Homestead dealership for $19M

Daily Digest Miami

Miami Heat’s Udonis Haslem proposing affordable housing in North Miami, Crescent Heights and Terra score loan: Daily digest

NextEra Energy CEO James Robo and the property off the Florida Turnpike at Southwest 261st Street (Credit: Facebook and Google Maps)

FPL buys 109 acres near Homestead for natural gas facility

arrow_forward_ios