Benderson Development added a third South Florida retail property to its national portfolio, acquiring a big box center in Midtown Miami for $83.7 million.
An affiliate of New York-based Benderson, led by President Randy Benderson, acquired Shops at Midtown Miami, a 347,740-square-foot building with a garage at 3401 North Miami Avenue, a press release states. Anchored by a Target superstore, the nearly full shopping center’s other tenants include Marshalls, Ross Dress For Less, Party City, Homegoods and Dick’s Sporting Goods.
The deal breaks down to roughly $241 a square foot.
A JLL team led by Danny Finkle and Eric Williams brokered the deal on behalf of the seller, an affiliate of Beachwood, Ohio-based Site Centers Corp. In 2004, Site Centers paid $38.5 million for the 18-plus acre site and completed the big box center two years later, records show.
With a 98 percent occupancy, Shops at Midtown Miami draws 3.4 million visitors annually, the release states. The building is within Midtown Miami, a 56-plus-acre master-planned community of condominiums, multifamily projects, hotels and retail that also features a Trader Joe’s supermarket and a Petsmart store on different parcels.
Site Centers spinoff, Curbline Properties, owns a Midtown retail plaza at 3201 North Miami Avenue anchored by West Elm and Nordstrom Rack. The recently formed Real Estate Investment Trust paid $55.9 million for the property in March, records show.
Benderson, which focuses on office, retail and industrial properties, owns 55 million square feet of commercial real estate across the U.S., the firm’s website shows. In August of last year, Benderson planted its flag in South Florida when the company paid $7.1 million for a Pompano Beach grocery store leased to Publix.
In December, Benderson dropped $28 million for Linton Commons, a Delray Beach shopping center with tenants RH Outlet, Guitar Center, PetSmart, Chipotle and AT&T.
Recently, the firm also bought a shopping center in Fort Myers and a hotel and retail building in Winter Park for a combined $56.5 million, published reports state.