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Cofe Properties sells Pinecrest office-retail plaza for $32M
Pinecrest Town Center last traded in 2015 for the same price
Cofe Properties sold an office-retail plaza in Pinecrest for $32 million, the same price the investment firm paid for the property six years ago.
Property records show an affiliate of Miami-based Orion Real Estate Group bought Pinecrest Town Center at 12651 South Dixie Highway from Cofe’s Cofe Town Center.
Coral Gables-based Cofe Properties bought Pinecrest Town Center from Cohen Commercial Properties in May 2015.
Tenants include Sea Siam Japanese restaurant, Sage Dental dentist, Coldwell Banker and Anacapri Italian Restaurant, Market and Wine Bar. The 96,075-square-foot, U-shaped plaza along U.S. 1 is on 5.2 acres.
Some of the office suites range from 200 to 2,000 square feet, and some of the retail spaces are from 1,500 to 6,000 square feet, according to a Cofe listing.
Orion Real Estate, founded in 1978 by executive chairman Joseph Sanz, invests in commercial real estate in the U.S. and Canada and has a portfolio of $1 billion, according to its website. It sells properties, offers capital sourcing for buyers from banks and other types of lenders, develops, and works on deal structuring and sale-leaseback deals. Orion also has a brokerage service.
Near Pinecrest plaza, Orion owns a Pollo Tropical at 8975 South Dixie Highway.
Cofe Properties was founded in 2002 by Eugenio Cosculluela and Mario Fernandez. It amassed a 1 million-square-foot office and industrial portfolio in South Florida that it sold in 2006 and 2007. Its international ventures have included the development of a large self-storage facility in São Paulo, Brazil.
In South Florida, Cofe has sold some of its other assets recently. In December it sold parts of its Hialeah industrial portfolio to TA Realty for $52 million.
The Pinecrest Town Center deal comes on the heels of a huge office and retail portfolio sale in Boca Raton. In March, TJAC Development sold four mixed-use plazas along Powerline Road to Titan General Partners for $155 million, one of the biggest commercial deals in South Florida this year.
Retail-only deals have started to trickle in this year after a hiatus of investment sales in the months immediately after the pandemic. RK Centers, led by Miami Heat minority owner Raanan Katz, bought in March Publix-anchored Veranda Shoppes in Plantation for $17 million.