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Cohen family investors pay $31.5M for Kendall shopping plaza
Fully leased property includes Olive Garden, Panera Bread, CycleBar indoor cycling studio, Walk-On's Cajun restaurant
A fully leased shopping plaza near West Kendall Baptist Hospital traded for $31.5 million.
Husband-and-wife Yakov and Cheryl Cohen bought The Pointe Kendall Town Center at 9165 Southwest 162nd Avenue from The Centre at Kendall Town Center LLLP, according to records. The seller is tied to Richard Gertz Jr.
The 11.9-acre plaza spans eight buildings totaling 54,982 square feet, according to Crexi.
Tenants include Olive Garden, Panera Bread, CycleBar indoor cycling studio and Walk-On’s Cajun restaurant.
Property records show the site last traded in 2009 for $4 million. The two phases of construction were completed two years ago.
The Cohens have been investing in South Florida commercial real estate for 18 years, with assets that include offices in West Palm Beach and Cutler Bay, as well as apartments in North Miami, Yakov Cohen said. They plan some landscape improvements to The Pointe Kendall Town Center.
The plaza is adjacent to TownePlace Suites by Marriott and to the 70-acre Kendall Town Center mixed-use development site slated for offices, restaurants and entertainment.
The Kendall Town Center development partnership is led by managing members Robert Eckstein, Josh Rodstein, Edward Schmidt and Jeremy Larkin, who also are shareholders of NAI Miami.
In February, Trammell Crow Residential submitted an application to Miami-Dade County for a planned 576-unit apartment community on 20.2 acres that are part of Kendall Town Center.
The application showed Dallas-based Trammell Crow has the site under contract but did not disclose the sale price.
The retail market has been showing signs of a comeback after a pandemic-induced slump, with Kendall scoring some of the deals.
In September, H.H. Real Estate Holding Corp. bought a property leased to CVS Pharmacy y más at 10660 Southwest 40th Street from Tate Capital for $16 million.