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.

Limestone Acquires PLANTA Property In Miami Beach's Ritzy South-Of-Fifth For $12 Million

Miami-based Limestone Asset Management has acquired the flagship South-of-Fifth property which is home to PLANTA in Miami Beach for $12 million. The 7,835 SF building was completed in 2018 as the first built-to-suit and the first PLANTA in the state of Florida and sits on a 9,148-square-foot (0.21-acre) lot. The property is located at 850 Commerce Street, Miami Beach, FL, 33139 in the affluent South of Fifth neighborhood.

Kevin Sanz of Orion Real Estate Group represented the buyer, Limestone Planta, LLC. Alex Sharrin of JLL represented the seller, Commerce Street Properties, LLC. First National Bank of South Miami is providing financing. Limestone Asset Management is led by Ibrahim Al-Rashid and invests in and acquires real estate properties over all asset classes throughout North America. Limestone Asset Management is an affiliate of Orion Real Estate Group, its joint venture partner in the deal. Limestone Asset Management uses Orion Real Estate Group's expertise to complete all of its North America-based transactions.

PLANTA, a David Grutman project led by Founder and CEO Steven Salm and Co-founder and Executive Chef David Lee, is Miami’s premier location for innovative plant-based fine dining. Its goal is to expand the acceptability, enjoyment, and celebration of the power of plants. The restaurant’s owners are the lessees and will remain in the building until 2028.

Champions of plant-based living for better health, community, and the planet, the restaurant has locations in New York, Toronto, and Maryland, in addition to Florida, with plans of expansion in Chicago and California. Additionally, PLANTA offers nationwide delivery of its plant-based signature dishes, desserts, condiments, and sauces.

“PLANTA is a unique restaurant concept, and we are excited to purchase their flagship property located in the South of Fifth neighborhood,” said Ibrahim Al-Rashid, chairman of Limestone Asset Management. “Rarely do opportunities present themselves in this neighborhood. A block from Joe’s Stone Crab, one of America's most iconic restaurants, is a place every landlord would love to be.”

Limestone Asset Management Reveals Two New Luxury Spec Homes In Miami's Historic Morningside Neighborhood

Limestone Asset Management has revealed their first two spec homes located in Miami’s historic and gated Morningside neighborhood. The homes are located at 531 and 510 NE 52nd Street, Miami, FL, and are listed with Brandon Brugal and Uccio Zecchini of Miami’s BZG International Real Estate. Limestone Asset Management is led by Ibrahim Al Rashid and invests in real estate across all asset classes throughout North America.

“Morningside is a unique community that has garnered tremendous interest over the last few years. Anyone passing through would realize quickly that Morningside rivals some of the most popular addresses in Miami-Dade County.” said Ibrahim Al-Rashid, chairman of Limestone Asset Management. “We are pleased to work with Brandon Brugal in the sales of our first spec homes in the community.”

531 NE 52nd Street is a 4,480-square-foot contemporary home that features five bedrooms, five bathrooms, a den, an outdoor pool and a one-car garage. The home is currently under construction on a 8,363-square-foot lot which is just steps away from Morningside Park, a 42-acre bayfront park. The residence is designed by the esteemed Miami architecture firm Preschel + Bassan Studio and features an open floor plan and double-height ceilings, an oversized kitchen with gas appliances and a built-in dining bench for eight, top-of-the-line fixtures and finishes and an expansive master bedroom suite with a terrace overlooking the pool and backyard. 531 NE 52nd St. is expected to be completed in the fourth quarter of 2022.

510 NE 52nd Street is expected to break ground in mid-March 2022. The residence will span 3,500 square-feet and offer four bedrooms, four full bathrooms and one half-bathroom, and a one-car garage. Nestled on a 5,500-square-foot lot, the home is designed by award-winning Miami architecture and interior design firm Taylor & Taylor Inc. The two-story ultra-modern home will feature an open flow-through floor plan with 10-foot ceilings on the first floor and up to 14-foot ceilings on the second floor with tongue and groove finishes. Outside, the home will be offer a pool surrounded by lush, natural landscaping Completion is expected in the second quarter of 2023.

“Working together with Limestone on the homes at 531 NE 52nd Street and 510 NE 52nd Street in Morningside, we are offering stunning homes ideal for the luxury buyer who desires modern elegance,” said Brugal.