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.