SJC Ventures and Nuveen Real Estate are moving quickly to start building a Whole Foods-anchored project in Doral, recently securing a $69.4 million construction loan.
Deutsche Bank provided the financing for the joint venture’s Doral Marketplace, a planned 83,000-square-foot shopping center on a 10-acre vacant property on the southwest corner of Northwest 41st Street and Northwest 107th Avenue, according to a press release.
Atlanta-based SJC and New York-based Nuveen paid $32 million for the site this month.
A CBRE team led by Richard Henry and Mike Ryan arranged the Deutsche Bank loan on behalf of the developers, the release states.
Doral Marketplace will consist of six buildings that are 69 percent pre-leased. In addition to Whole Foods, other tenants include Shake Shack, First Watch, GoodVets, The Spot Barbershop, Encore Nails, VIO MedSpa and Apizza Brooklyn Resto + Vino.
Led by principals Jeff Garrison, Jeff DeHart and Fain Hicks, SJC is a commercial real estate investor and developer that has purchased or developed more than 60 retail, multifamily, office and mixed-use projects across in the U.S., according to the firm’s website.
Founded in 2007, SJC Ventures is an Atlanta-based mixed-use commercial real estate and retail development firm. The company has acquired and developed more than 60 retail, mixed-use, multifamily, and office projects throughout the continental U.S. In 2019, SJC completed Delray Beach Plaza, another shopping center anchored by a Whole Foods supermarket in Delray Beach.
With 147 billion in assets under management since March, Nuveen Real Estate is an arm of the Teachers Insurance and Annuity Association of America. The firm recently sold trophy assets in South Florida This month, Nuveen sold a 197-unit apartment complex in Plantation for $49.4 million. And last fall, Nuveen sold the 801 Brickell office skyscraper in Miami’s Brickell neighborhood for $250 million. The firm is also listing for sale 701 Brickell, another office building with an asking price above half-a-billion dollars.