Limestone Asset Management and Orion Real Estate Acquire Pinecrest Retail Center For $70.5 Million

Miami-based Limestone Asset Management, via a joint venture with Orion Real Estate Group, has acquired Colonial Palms Plaza, a retail center located in the Pinecrest area at 13601–13621 S Dixie Highway, Miami, FL, 33176, for $70.5 million on Dec. 23, 2022. Eric Williams of JLL represented the seller, MetLife Investment Management. Goldman Sachs is providing financing for the purchase.

The 188,389-square-foot property encompasses seven buildings and 29 tenants, including Marshalls, HomeGoods, PetSmart, Old Navy, Party City, Five Below, Visionworks, CycleBar, Panera Bread, Miller’s Ale House, and more.

“With the purchase of Colonial Palms Plaza, we are pleased to continue expanding our holdings in the upscale area of Pinecrest,” said Ibrahim Al-Rashid, chairman of Limestone Asset Management. “This purchase confirms our commitment to the South Dixie corridor.”

Kevin Sanz, president of Orion Real Estate Group, led the buyer group, Orion Colonial Plaza LLC. “Colonial Palms Plaza is located in a strong submarket with incredibly high barriers to entry,” Sanz said. “This was an amazing execution by our team, and we are excited to acquire this high-performing center with a superior national tenant roster.”

In March 2021, Limestone and Orion closed on Pinecrest Town Center, approximately one mile away from Colonial Palms Plaza for $32 million. Located at 12651 South Dixie Highway, Pinecrest, FL 33156, Pinecrest Town Center is a mixed-use retail and office property. In September 2022, Limestone began a $4 million renovation of the property, with a slated completion date of Q2 2023.

Pinecrest is a suburban village in Miami-Dade County, located south of downtown Miami and Miami International Airport. It is one of Florida’s most affluent neighborhoods. More than 101,670 residents, with an average household income of $149,442, reside within a 3-mile radius of the property. The average home listing price for Pinecrest/Palmetto Bay is $1 million+. With a high quality of life and vast acre lots, major business executives and professional athletes have long been attracted to Pinecrest with many new Florida residents flocking to the area since the COVID-19 pandemic.

Wharton Realty Group Acquires Homestead Pavillion Shopping Center For $82 Million

The New Jersey-based Wharton Realty Group has acquired Homestead Pavillion Shopping Center for $82 million from a joint venture including CREC Capital, Highline Real Estate Capital, MMG Equity Partners, and Lubert-Adler Real Estate funds. CREC Capital’s co-founders Alan Esquenazi and Warren Weiser facilitated the sale of a 298,000 SF retail center located at 2400 NE 10th Ct in Homestead. Danny Finkle and Eric Williams from JLL represented the buyer in the transaction.

“The transaction represents a strategic acquisition for the New Jersey-based real estate company to position themselves in an expanding bustling market,” said Alan Esquenazi, Co-Founder & Partner of CREC Capital. “The purchase further validates the strength of the South Florida retail market and the robust recovery in retail space post-pandemic.”

During the pandemic, the JV ownership group fully leased the property by securing tenants including Sprouts Farmers Market, Target, Dr. Limon, and Body Details. This dominant retail center in southern Miami-Dade County serves Homestead, Cutler Ridge, and the Florida Keys. The joint venture retained ownership of Target, Raising Canes, and Murphy Oil.

“Despite the pandemic’s challenging effects on the marketplace, we were able to line up anchor and in-line tenants which elevated the existing tenant base and supported a favorable execution for both sides of the transaction,” said Warren Weiser, Co-Founder & Partner of CREC Capital.

Wharton Realty Group is a premier real estate company based in New Jersey focused on managing and leasing diversified properties across the country with over one thousand tenants.

The resilience of the South Florida retail market throughout the pandemic has made it a hot spot for retail investors. Investment sales volume for retail assets in Miami-Dade County surged by 164.3% in 2021 reaching a total deal volume of $577 million, compared to the pre-pandemic year 2019 where the total trade volume of retail assets was $218 million.