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Northbridge sells Aldi-anchored shopping center in West Kendall for $22M
Tenants include PetSmart and Bonjour French Bakery & Cafe
Northbridge Investment Management sold the Aldi-anchored Kendall Pointe shopping center in West Kendall for $22.4 million.
A deed shows the Toronto-based investment firm sold the property at 16508 and 16514 Southwest 88th Street to Arlington Mass, which is tied to Miami-based self-storage provider A+ Storage.
The buyer took out an $11.4 million loan from City National Bank of Florida, records show.
Northbridge Investment had purchased the 84,814-square-foot plaza in April 2017 for $16.5 million, according to property records. The retail center was built in 2007 on 6.8 acres.
Other tenants include PetSmart, Bonjour French Bakery & Cafe and Luna Salon Suites. A BJ’s Wholesale Club is adjacent to the plaza.
Northbridge, led by Stuart Lazier, is a real estate owner and developer, investing in commercial real estate, with the goal of adding value to properties, according to its website.
It has been buying and selling South Florida retail for some time. In January 2020, Northbridge sold a Wawa at 2620 West Broward Boulevard in Fort Lauderdale for $7.3 million; and in June 2019, it bought the Riverbend Marketplace at 2400 West Broward Boulevard in Fort Lauderdale for $38.5 million.
In another recent south Miami-Dade retail deal, Cofe Properties sold the office-retail Pinecrest Town Center to Orion Real Estate Group for $32 million.