The largest retail deals in South Florida this year confirm renewed investor demand for well-performing shopping centers.
The tri-county region’s biggest retail sale of the year, the $108 million trade of a northwest Miami-Dade shopping plaza, was more than double last year’s top deal of $47 million. Buyers involved in 2021’s largest five deals paid an average of $424 a square foot, roughly $28 more than investors paid in the top five sales last year.
The market has sharply rebounded to levels not even seen before the pandemic when the retail market was suffering from big box and indoor mall downsizings.
Here are the top retail deals for 2021:
Stiles and Lubert-Adler Real Estate Funds sold Shops at Beacon Lakes for $108M
In the year-ending blockbuster deal, Boston-based AEW Capital Management acquired the fully leased, multi-building Shops at Beacon Lakes on 33.8 acres at 1700-1970 Northwest 117th Place in northwest Miami-Dade County. AEW’s purchase also surpassed the highest retail sales in South Florida in 2018, 2019 and 2020.
The seller was Stiles and Lubert-Adler Real Estate Funds, the partnership that developed the shopping plaza.
Completed last year, Shops at Beacon Lakes’ anchor tenants include The Home Depot, City Furniture/Ashley Furniture, Dick’s Sporting Goods, Ross Dress for Less, Michaels, Five Below and 24-Hour Fitness. The site also has standalone buildings leased to Panda Express, Jersey’s Mike’s, Burger Fi, Encore Nails and others.
JV picks up Legacy Place in Palm Beach Gardens for $101M
Boca Raton-based Woolbright Development teamed up with Dallas-based Lone Star Funds to scoop up the 425,316-square-foot Legacy Place shopping center at 11290 Legacy Avenue in Palm Beach Gardens. While the partnership acquired Legacy Place for $80 million below the previous sale price in 2007, the sale was the first South Florida retail deal to surpass the $100 million mark in four years.
An affiliate of Munich, Germany-based GLL Real Estate Partners GmbH sold the 43-acre property, which was 72 percent leased when the deal closed in October. Anchor tenants include Best Buy, Barnes & Noble, Bassett Furniture, Ethan Allen, Michael’s, Nicklaus Children’s Hospital, Petco, The Container Store and Total Wine & More.
Union Investment paid $79.5M for the Fountains of Boynton
6627 Boynton Beach Boulevard (Google Maps)
Union Investment, a German firm that is the investment arm of DZ Bank Group, acquired the five-building Fountains of Boynton on a 23.2-acre site in Boynton Beach from New York-based DRA Advisors.
Built in 1994 and renovated in 2017 when DRA bought the property for $47.3 million, Fountains of Boynton spans 174,996 square feet and is anchored by a Publix grocery store. Other tenants include LA Fitness Signature Club, Lucille’s Bad to the Bone BBQ, a dentist’s office and a UPS store.
Integra Investments sells Aventura Parksquare’s retail component in a $48M deal
2950 Northeast 207th Street (Google Maps)
Miami-based Integra Investments sold the 50,149-square-foot commercial space in the mixed-use Aventura Parksquare at 2950 Northeast 207th Street. Aventura-based MG3 Group paid roughly $957 a square foot for the ground-floor space, according to published reports.
Tenants include Ruth’s Chris Steak House, Barry’s Bootcamp, Starbucks, Grazianos and Banesco USA.
Integra completed the 1.3 million-square-foot Aventura Parksquare in 2018. The project also has a 131-unit luxury condo building, a 100,000-square-foot Class A office component, a 45,000-square-foot medical center, luxury senior living and a 207-key Aloft hotel.
Brooklyn investment firm buys two Miami Gardens shopping centers for $47M
4705-4895 Northwest 183rd Street (Google Maps)
Brooklyn-based One Stop Management bought two Miami Gardens shopping centers for $47 million. Combined, Las Villas Market Square and Miami Gardens Shopping Plaza total 198,885 square feet of retail space that sold for roughly $236 a square foot.
Las Villas is at 4705-4895 Northwest 183rd Street and the other shopping center is at 4500-4698 Northwest 183rd Street. Records show Jeffrey Rosenberg is linked to a handful of entities that sold the two properties.
Miami Gardens Shopping Plaza is anchored by Price Choice Supermarket and was 92 percent occupied when the deal closed in November. Las Villas is anchored by Dollar General and was 93 percent occupied when the property was sold.
SOURCE: TRD analysis of brokerage data, as provided by Real Capital Analytics, CoStar and Colliers.