Spectrum Properties paid $22.1 million for the retail building that is part of the Landmark South development in Doral.
The Dallas-based, family owned company bought the property at 5875 Northwest 105th Court and an adjacent 92,108-square-foot parking lot from an affiliate of Congress Group, records show. Spectrum scored a $14.4 million loan to finance the acquisition from Inwood National Bank.
The Aldi-anchored shopping center totals 38,188 square feet, according to Spectrum’s website.
The building was completed in 2019 on 1.6 acres, property records show.
In addition to Aldi, other tenants include Chipotle Mexican Grill, Orangetheory Fitness and Banfield Pet Hospital.
Spectrum, led by Brian Bergersen, manages its own properties and also is a developer, according to its website. Its portfolio spans luxury lofts and apartments, offices and land.
Congress Group, with offices in Boston and Miami, has purchased, developed, repositioned and managed more than 7 million square feet of real estate over the past 35 years, according to its website. Its portfolio is valued at more than $1.5 billion. Congress is led by Dean Stratouly.
The deal comes on the heels of the sale of the adjacent three-building Landmark South apartments. New York-based JSB Capital bought the properties with a combined 631 units in December from AECOM-Canyon Partners for $255 million. The sale marked the third biggest multifamily deal in South Florida for 2021.
The latest sale of the shopping center reflects the stable retail market, despite the growth of e-commerce.
Miami-Dade County’s retail vacancy rate was 3.7 percent in the fourth quarter of 2021, the lowest since 2017, according to Colliers.
In the biggest retail deal last year, AEW Capital Management bought the fully leased Shops at Beacon Lakes near Dolphin Mall for $108 million.