1.5M SF Mixed-Use Development Sawyer’s Walk Delivers Target in Miami's Overtown

Sawyer’s Walk, the largest mixed-use development in the historic community of Overtown, recently opened its retail section, marked by the launch of a 50,000-square-foot Target store. Over the next several months, additional major retailers are set to open, including Burlington, Five Below, Aldi supermarket, and Ross Dress for Less.

The 1.5 million-square-foot Sawyer’s Walk complex includes 578 residential units, primarily housing low-income seniors, as well as 175,000 square feet of retail space, a 25,000-square-foot public plaza, and 130,000 square feet of office space. MSC Group has secured the office space for its new North American headquarters, anchoring the development at 249 NW 6th St. The project was spearheaded by SG Holdings, a partnership between Swerdlow Group, SJM Partners, and Alben Duffie.

Among the new retail spaces, Burlington is scheduled to open in October with a 38,000-square-foot store. A 25,000-square-foot Aldi and a 10,000-square-foot Five Below will follow in November, while Ross Dress for Less is expected to open in March 2025.

Sawyer’s Walk was developed as a public-private partnership in collaboration with the City of Miami’s Southeast Overtown/Park West Community Redevelopment Agency, Miami-Dade County’s Department of Public Housing and Community Development, and city and county officials. The project aims to address both affordability and accessibility concerns in Greater Downtown Miami by delivering affordable residential options and value-focused retail stores.

The development also includes amenities designed to enhance the community, such as a public plaza with art murals, outdoor seating, a children’s playground, and a dog park. Residents and shoppers will have access to nearly 1,000 parking spaces and multiple public transit options, including Metrorail, Metromover, and Brightline.

Led by Michael Swerdlow, Swerdlow Group has been active in bringing new retail options and affordable housing to South Florida. The company has over 8,000 affordable housing units in the pipeline, with a focus on revitalizing underserved areas and addressing food access in designated ‘food deserts.’ Swerdlow Group’s portfolio includes over 30 million square feet of residential, retail, industrial, and office space developed across the region.

Balloon Museum Set To Open in Miami June 2024

The first-of-its-kind Balloon Museum in Miami opens to the public June 22nd, allowing locals and travelers from around the world to let their imagination take flight in this immersive art experience. The pop-up installation located in Wynwood includes world renowned pieces from 20 international artists. This interactive art experience will take viewers' imagination to new heights with mind blowing inflatable installations, combining contemporary art with hands-on experience while bringing together the essence of art and culture to the bustling Miami scene.

Over 4.4 million visitors across the globe have already experienced the Balloon Museum’s mesmerizing exhibition during its limited-time runs in Rome, Paris, Milan, Madrid, Naples, London and New York City. The Museum won the prestigious BEA Best Proprietary Format award in 2022, and notably was highlighted as a can’t-miss backdrop in the Emmy-nominated Netflix favorite Emily in Paris.

The Balloon Museum will take over Wynwood, showcasing diverse artwork that explores the lightness and flight of air. Audiences will be able to soar and travel to far-off destinations, uniquely contrasted with heaviness, darkness and gravity. The Balloon Museum will present installations by Filthy Luker, Tado Cern, Myeongbeom Kim, OUCHH, SpY, Max Streicher, Karina Bobinski, Mike Shaw, Quiet Ensemble, Rub Kandy, Cyril Lancelin, Sila Sveta, Camilla Falsini, Motorefisico, Alex Schweder, Hyperstudio ,Mauro Pace, and Sasha Frolova.

Tickets to the Balloon Museum in Miami start at $29 for children and $39 for adults and are available to get on the waitlist starting today at https://balloonmuseum.world/lp-miami/

Florida Residents, Students and Military tickets start at $36

Balloon Museum produces contemporary art exhibition experiences that include the best international representatives of inflatable and balloon art. Featuring renowned artists with specific works in which ‘air’ is a distinctive element. Each individual exhibition offers unique and immersive journeys worldwide. The out-of-scale installations are meant to be touched, lived with and shared, putting the interaction with the visitor at the center of the experience.

Museum Times:

• Monday - Thursday: 1 p.m. – 8 p.m.

• Friday: 11 a.m. – 8 p.m.

• Saturday / Sunday: 10 a.m. – 8 p.m.

Miami’s Largest Office Lease Transaction in 2024 Signed at Waterford Business District

Miami's prestigious Waterford Business District (WBD) continues to solidify its position as a premier corporate destination with the recent signing of a significant lease by global business services company Assurant. The lease, encompassing an impressive 78,000 square feet, marks the largest office transaction in Miami so far this year, further enhancing the district's reputation as a hub for top-tier businesses. Brent Woodruff, Matthew Goodman, and Tyler Wyant from CBRE represented Assurant in this lease transaction.

Situated on 250 acres adjacent to Miami International Airport, the WBD offers unparalleled accessibility to major residential and commercial centers. Boasting over 1.65 million square feet of prime office space across 7 Class A buildings, the district provides tenants with a blend of convenience, amenities, and a thriving business ecosystem.

"At Waterford Business District, we take pride in curating an environment where individuals find genuine enjoyment in their work," remarked Charles Russo, Nuveen's Senior Director and Head of Southeast- Workplace, Retail, and Mixed-Use. "Companies like Assurant are drawn to dynamic hubs like ours because of the exceptional office spaces and thriving business community. Our commitment to innovation and meeting the evolving needs of businesses makes WBD an irresistible destination."

Assurant's decision to relocate to WBD underscores its dedication to providing a workspace tailored to the evolving needs of its Miami-based workforce. The company joins esteemed tenants such as Subway and FedEx, further reinforcing the district's commitment to excellence.

Blanca Commercial Real Estate, the exclusive leasing agent for the WBD portfolio, facilitated the lease, marking one of their largest deals to date. "Our commitment to providing a workplace that blends cutting-edge amenities with convenience resonates with companies seeking a dynamic environment," stated Juan Ruiz, Vice Chairman of Blanca CRE.

Under the joint venture between Nuveen Real Estate and Allianz, managed by PIMCO Prime Real Estate, LLC, WBD has undergone significant transformations, establishing itself as a state-of-the-art corporate campus. Investments in amenities such as shuttle services, fitness centers, and waterfront outdoor areas, coupled with tenant-engaging activities, contribute to the district's vibrant atmosphere. Moreover, WBD presents unique build-to-suit opportunities with an additional 30 acres of fully entitled land, making it an ideal location for large enterprises seeking a highly accessible headquarters in the heart of Miami.

A First Look Inside Mercedes-Benz Places Revealed at the Concours Club

Mercedes-Benz Places in Miami, the inaugural North American branded residential project, has unveiled its first look inside, marking a significant milestone in luxury living in Brickell. Developed by JDS Development Group in partnership with Mercedes-Benz, this mixed-use development merges modern living spaces with innovative mobility concepts, setting new standards for urban living.

The project, announced on February 26, 2024, has already seen remarkable success, with record sales of over 100 condominiums sold within the first four days on the market. The launch event, held at The Concours Club before the Formula 1 Miami Grand Prix, offered guests an exclusive preview of the residences' interiors, along with a unique conversation hosted by Toto Wolff, Team Principal & CEO of Mercedes-AMG PETRONAS F1 Team, and Michael Stern, Founder and CEO of JDS Development Group. Test drives in Mercedes-AMG GTR cars on the racetrack with professional drivers from Mercedes-Benz USA completed the unique experience of lifestyle in Miami.

Designed to offer a seamless mobility journey, Mercedes-Benz Places in Miami features a private porte cochere and panoramic rooftop pool, providing residents with breathtaking views of the skyline and cityscape beyond. Each residence, ranging from studios to three-bedrooms, is meticulously crafted to reflect modernity and luxury, with floor-to-ceiling windows, deep terraces, and spectacular views of Miami, Biscayne Bay, and the Atlantic Ocean.

Interior designs, created by the experts at Woods Bagot in collaboration with the Mercedes-Benz design team, showcase crisp blacks and whites, warm woods, and significant graphic elements, reflecting the brand's commitment to automotive-detailing, precision, and quality. Custom-designed kitchens and principal baths offer light and dark finish options, integrated Miele appliances, and luxurious marble countertops.

The architectural design, created by award-winning SHoP Architects, embodies Mercedes-Benz's design philosophy of Sensual Purity, combining intelligence and emotion to create clear forms and sensuous surfaces. The cube-shaped mixed-use tower features technical silver, classic black and white elements, and undulating curves, creating distinctive highlights and stimulating contrasts.

Gregg Pasquarelli, Founding Principal of SHoP Architects, highlights the project's investment in the Brickell community, stating, "Mercedes-Benz Places will revitalize public space in the neighborhood of Southside Park while making a statement with its superior quality in design."

Mercedes-Benz Places in Miami represents more than just a development; it embodies a vision for the future of urban living, offering residents a luxurious and connected lifestyle in the heart of Miami's vibrant Brickell district.

Royal Palm Companies Secure $86 Million Financing for Tuscany Village

In a significant stride towards expanding quality residential options in Orlando, Royal Palm Companies led by Dan Kodsi and the Mattoni Group proudly announce the securing of an $86 million construction financing loan and the launch of Tuscany Village, a sprawling 420-unit multifamily complex set to enhance the Sanford area.

Strategically located at the southwest corner of State Road 46 and Upsala Road, Tuscany Village is poised to become a cornerstone community within Sanford, spanning 21 acres with seven four-story buildings. With construction slated to commence in the coming weeks and phased completion expected by 2026, the project is primed to transform the local residential landscape.

The acquisition of the development site at 4201 West First Street in June for $12.7 million laid the foundation for this ambitious venture. Financing for Tuscany Village has been secured through a partnership with City National Bank and Abanca USA, contributing $68 million in loans, and Origin Investments, providing $18 million in preferred equity. Notably, these financial arrangements feature floating interest rates without a rate cap, reflecting confidence in the project despite current economic uncertainties.

Royal Palm Companies, renowned for its innovative approach to real estate development since its inception in 1978, boasts a portfolio of $4.7 billion in developed, repositioned, and under-construction projects, including over 9,500 completed residential units. The collaboration with the Mattoni Group underscores the significance of Tuscany Village, leveraging their combined expertise to ensure the delivery of a top-tier residential community.

Despite challenges such as elevated interest rates, insurance premiums, and regional specifics like high concrete costs in South Florida, the decision to proceed with Tuscany Village reflects the unwavering commitment of Royal Palm and Mattoni Group to innovation, quality, and meeting the evolving needs of Florida's residents.

More than just a development project, Tuscany Village represents a future home for hundreds of families and individuals, meticulously designed to foster a vibrant and connected community. Royal Palm Companies and Mattoni Group are dedicated to bringing this vision to life, positively impacting the Sanford region and the broader Florida housing market.

The Bazaar for Good Returns to the Miami Design District May 10th

The Miami Design District is set to welcome back The Bazaar for Good on May 10th and 11th, marking its fifth consecutive year of philanthropic endeavors. Sponsored by Lancome, Schutz, Babor, MarcCain, and Stitch Lab, the event promises an exclusive shopping experience, engaging events, and a silent auction, all aimed at raising funds for various nonprofit organizations worldwide.

Founded in 2018 by Martha Graeff and Danie Gomez-Ortigoza, The Bazaar for Good is not just about shopping; it's about making a positive impact. Bringing together a diverse group of over 30 influential women with strong social media presence, the event channels their collective efforts towards meaningful change and support for underserved communities globally.

This year, The Bazaar for Good continues its partnership with Style Saves, a beloved local nonprofit organization in Miami. Together, they aim to raise funds for Style Saves' annual back-to-school event, providing uniforms and school supplies to over 10,000 students in Miami-Dade and beyond. Attendees can look forward to snagging designer brands like Veronica Beard, Illesteva, Devon Windsor, Tropic of C, a selection of luxury items from CURIO at Faena Bazaar, and more at discounted prices, with proceeds directly benefiting Style Saves and Camila Coelho's hometown health organization.

Returning to its roots at Paradise Plaza in the heart of the Miami Design District, The Bazaar for Good promises a weekend of giving back and celebration. Alongside the shopping extravaganza, guests can enjoy engaging conversations led by Valeria Lipovetsky, acoustic concerts, yoga sessions, and an online auction featuring exclusive experiences from The Standard Hotel & Spa and The Cliff Jamaica.

The network of entrepreneurial women supporting The Bazaar For Good includes Ines Andrea Minski, Angie Landaburu, Camila Canabal, Camila Coelho, Camila Straschnoy, Candice Swanepoel, Claudia Vergara, Catalina Maya, Ines Sheero, Dafne Evangelista, Danie Gomez-Ortigoza, Daniela Botero, Deborah Bello, Devon Windsor, Eglantina Zingg, Gabriela Medina, Irma Martinez, Isabela Rangel Grutman, Jenny Lopez, Karen Martinez, Martha Graeff, Nane Miller, Pam Arias, Rachael Russell Saiger, Sharon Fonseca, Valeria Lipovetsky, Vita Sidorkina, and more, all dedicated to making a difference in children's lives worldwide.

Tickets for The Bazaar for Good shopping event are available on www.thebazaarforgood.org.

Reimagining History: The Moore in Miami Design District Unveils Elastika Restaurant

WoodHouse, the visionary development company, has announced the highly-anticipated reopening of The Moore in the Miami Design District, marking the beginning of a new chapter for this iconic landmark. Stepping into its next century, The Moore emerges as a vibrant lifestyle and cultural destination, featuring a private members club, boutique hotel, executive offices, gallery space, and the exciting addition of Elastika, a modern-American restaurant set to open its doors to the public this weekend.

Elastika, nestled on the first floor, introduces a fresh culinary experience under the guidance of acclaimed Executive Chef Joe Anthony. Designed to be more than just a restaurant, Elastika aims to become the heartbeat of the Miami Design District—a place where people gather, dine, and immerse themselves in the rich tapestry of art and culture that defines the area.

Drawing inspiration from Miami’s diverse international community and The Moore’s storied legacy of art and design, Elastika embodies a culinary canvas where carefully curated ingredients and heartfelt cooking techniques converge. The restaurant's namesake pays homage to the iconic Zaha Hadid sculpture, Elastika, suspended majestically throughout the four-story atrium above the dining room—a stunning testament to Miami's boundless creativity.

Brady Wood, Founder & CEO of WoodHouse, shared that “Our vision for Elastika extends beyond the menu. We've transformed the first floor of The Moore into the lobby of the Miami Design District—an inviting destination where people can gather, dine, and enjoy the landmark building and Zaha Hadid's iconic sculpture.”

Elastika’s menu reflects a commitment to sourcing the finest ingredients and close collaboration with local farmers, including Tiny Farm, French Farms, Swank Specialty Produce, and others. Executive Chef Joe Anthony expressed his culinary philosophy, saying, “Our culinary vision is to create vibrant food that is original and thoughtful, yet humble in its roots. By being conscientious about sourcing regenerative and sustainable ingredients whenever possible, we are able to create a distinct style of cuisine while still pushing flavor to the forefront.”

The menu features a range of globally eclectic dishes including the Heirloom Tomato Gazpacho with pickled tomatillos, avocado and fennel pollen focaccia; the Citrus Cured Kingfish Crudo with fermented farro, local kohlrabi and cucumber “aguachile;” a Grass-Fed Bison Tartare, with escabeche aioli, umami crumble and house-made country loaf; Eggplant and Sheep’s Milk Ravioli Serviettes, with spring fricassee, local mushrooms and pine nut froth; Grilled Heritage Pork "Ribeye" with tiny farm's turnips, grilled broccoli rabe and red verjus-cardamom sauce; and the Miso Marinated Beef Tenderloin, with Castle Valley Mill's farro, local herb coulis and carrot "hot sauce."

The design ethos of Elastika seamlessly blends modern sophistication with the building's original architectural elements, creating an ambiance that is both inviting and elegant. Curated by Miami-based art advisor Monica Kalpakian, the restaurant features a collection of contemporary art, including Rob Pruitt’s US (2013) on loan from the late Rosa de la Cruz’s esteemed collection.

Collaborating with hospitality design firm ICRAVE, WoodHouse has transformed the historic atrium into a culinary haven, complete with an expansive bar, plush velvet seating, and a semi-private dining room. The addition of a new skylight floods the space with natural light, while the sidewalk patio offers a charming al fresco dining experience amidst lush greenery.

The history of The Moore, dating back to the 1920s Florida Land Boom, adds another layer of intrigue to Elastika's narrative. Once a furniture showroom and warehouse, The Moore has played a pivotal role in shaping Miami's landscape, hosting numerous high-profile events and exhibitions over the years.

Elastika will be open for dinner from 5 p.m. to 11 p.m. on Fridays and Saturdays, and from 5 p.m. to 10 p.m. Monday through Thursday. Lunch service will commence from 12 p.m. to 3 p.m. Monday through Saturday starting May 3, 2024. For reservations and to learn more visit www.elastikamiami.com.

PROFILE Miami's Top 10 Reservations for Valentines Day

Impressing your date with a hard-to-score reservation on Valentine’s Day can be the key to their heart, but with so many Michelin-starred, hidden gem, celebrity chef and jetset-hotspot restaurants across Miami, where should you go? PROFILEmiami has compiled a list of the Top 10 reservations you can score to celebrate this Valentine's Day in Miami with an exquisite culinary journey at some of the city's most romantic and sophisticated dining establishments. PROFILEmiami’s list includes the Michelin-starred L’Atelier, Le Jardinier and The Surf Club Restaurant; newly opened hotspots Casadonna, Chateau ZZ’s and Erba; romantic Miami Beach-classic Casa Tua; Dowtown Miami’s seductive Giselle; and the intimate Omakase experience at Shingo led by Chef Shingo Akikuni, one of the hardest reservations to score in Miami.

Exclusively, PROFILEmiami has 2 seats reserved at Shingo which we are giving away to one lucky PROFILEmiami Instagram follower. All you need to do is head to the Instagram link below, follow @PROFILEmiami, follow @shingo, tag your date and DM us the word “Shingo” for a chance at the lucky seats. The winner will be announced on February 1st (cost of dinner not included).

1. L’Atelier

Address: 151 NE 41st St, Miami, FL 33137

Celebrate Valentine's Day at L'Atelier in the Design District for a romantic and charming experience. The futuristic interior, coupled with intimate counter seating, sets the stage for an unforgettable evening. Indulge in a culinary journey with decadent offerings like foie gras. The enchanting ambiance and impeccable service make L'Atelier the perfect choice for expressing love on this special day. Craft lasting memories in a sophisticated setting.

2. Chateau ZZ’s

Address: 1500 Brickell Ave, Miami, FL 33129

Chateau ZZ’s, Major Food Group's inaugural Mexican venture in Miami's historic Petit Douy building, offers a unique dining experience. Designed by Ken Fulk, the ground-level restaurant features indoor/outdoor dining and a diverse menu showcasing Mexican-inspired delicacies. Upstairs, ZZ's Club offers an exclusive space with vaulted ceilings, a wine cellar, and a terrace overlooking a lush greenhouse. With an extensive beverage program curated by Nathan McCarley-O’Neill, Chateau ZZ’s is an ideal choice for special occasions, promising an exceptional culinary and romantic experience.

3. The Surf Club Restaurant

Address: 9011 Collins Ave, Surfside, FL 33154

Experience a romantic culinary journey at Thomas Keller's Surf Club Restaurant in the Four Seasons Hotel. With old-school charm and a nod to '50s and '60s nostalgia, savor the meticulously crafted Classic Caesar salad and the renowned Beef Wellington. As Valentine's Day approaches, enjoy a sophisticated and romantic atmosphere, complemented by an exclusive Valentine's Day menu for an unforgettable dining experience. Elevate your celebration at the Surf Club Restaurant, where culinary excellence and romance intertwine.

4. Avra

Address: 17945 Collins Ave, Sunny Isles Beach, FL 33160

Experience refined Greek dining at Avra Estiatorio in the Estates at Acqualina. The meticulously designed Greek-themed dining room with beach and pool views creates a sophisticated ambiance. Enjoy a curated menu featuring classics like Greek Salad and imported delicacies, including Dover sole and branzino. Conclude your meal with baklava and olive oil cake, all in an upscale setting perfect for a memorable dining experience.

5. Casa Tua 

Address: 1700 James Ave, Miami Beach, FL 33139

Casa Tua, located in a South Beach boutique hotel, exudes sophistication and romance, offering an impeccable setting for intimate dining. The lush outdoor ambiance creates an enchanting atmosphere for an elevated experience. Curated Antipasta selections set a refined tone, featuring dishes like seared octopus and burrata. With notable pasta choices and diverse menu options, including Lamb Chops and Salmon, Casa Tua ensures a delightful, shared culinary encounter, concluding with delectable desserts like the Strawberry Ricotta Cheesecake and iconic Casa Tua Donuts. Head upstairs to the private members club afterwards for a Passionfruit Martini or Skinny Spicy Margarita.

6. Casadonna

Address: 1737 N Bayshore Dr 1st Floor, Miami, FL 33132

Experience refined romance at Casadonna, an exquisite culinary gem in Edgewater that recently opened in the historic Miami Women’s Club. The waterfront hotspot was opened in a first ever partnership between David Grutman's Groot Hospitality and Tao Group Hospitality, offering a panoramic view of Biscayne Bay. With a diverse Italian menu, including delights like crispy young artichoke and handcrafted pastas, Casadonna invites patrons to savor an exceptional gastronomic journey along the intracoastal. Indulge in love and sophistication at the Ken Fulk-designed destination.

7. Giselle

Address: 15 NE 11th St, Miami, FL 33132

Experience sophistication at Giselle Miami, an exclusive rooftop venue by E11even. With Asian, Mediterranean, and French flavors, it enriches Miami's dining scene. The refined ambiance, requiring reservations, sets the stage for a memorable date night. Chef Gustavo Zuluaga's curated menu, featuring truffle toast, pork ribs, Chilean sea bass, and a flaming lobster thermidor, guarantees a professional and unforgettable experience. The recent award for the best outdoor dining further highlights the venue's recognition for providing an exceptional atmosphere. Overall, Giselle Miami seems to offer a culinary journey with a touch of sophistication and an award-winning outdoor dining experience.

8. Shingo

Address: 112 Alhambra Cir, Coral Gables, FL 33134

Embark on a culinary journey at Shingo, in Coral Gables' historic La Palma building. Led by Chef Shingo Akikuni, known for a Michelin-starred stint at Wynwood's Hiden, the restaurant offers an exquisite 18-course menu at $180 per person. The sophisticated interior, featuring a luxuriously soft oak counter, enhances the potential three-hour experience. Indulge in traditional Japanese nigiri, seasonal sashimi, and Yakimono dishes, perfectly paired with premium sake. Opt for wine and sake pairings, ensuring a memorable and intimate evening. Mention PROFILEmiami when booking your reservation for a special treat.


9. Erba 

Address: 227 S Dixie Hwy, Coral Gables, FL 33133

Experience culinary excellence at Erba in Coral Gables, a sophisticated destination blending local flavors with Caribbean influences. With rich agnolotti and succulent porchetta, Erba offers a diverse menu in a romantic setting featuring plush seating and a grand chandelier, creating a dimly lit ambiance for an intimate dining experience. Reopened after a successful pop-up, Erba is perfect for intimate celebrations, offering a $45 pasta-tasting menu for Valentine's Day. With charming decor and seating for up to 150 guests, Erba ensures a refined and memorable dining experience.

10. Le Jardinier 

Address: 151 NE 41st St Suite 135, Miami, FL 33137

Indulge in a refined Valentine's Day at Le Jardinier, a French gem in the Design District. Inspired by the sophistication of the USS Enterprise, Alain Verzeroli's vegetable-focused creations deliver a harmonious symphony of flavors. From shrimp in parmesan polenta to tender wagyu bavette, each dish showcases culinary artistry. Pierre-Yves Rochon's meticulous design provides an elegant backdrop for a romantic evening.

Master Brokers Forum Listing: Check Out This 'Hamptons Meets Key West' Style North Pinecrest Home Asking $5.8 Million

Master Brokers Forum member Lynley Ciorobea presents this sophisticated "Hamptons meets Key West" North Pinecrest home on a spectacular acre-plus lot. Built in 2017, every meticulous detail has been perfected. Warm hardwood and marble floors, beautiful moldings and extensive millwork combine with wonderful natural light throughout the home.

The one-story six-bedroom/six and one-half bath home has separate living, dining and family rooms, full home generator, two additional office spaces, all hurricane impact windows/doors, and an open and bright kitchen with top-of-the-line appliances, perfect for family gatherings. The primary suite features two walk-in closets and water closets, a rainfall soaking tub and spa-like shower. Relax on the picturesque covered patio with a summer kitchen, enjoying the magnificent backyard.

This property features a resort-style, 45-foot pool with 25-foot beach entry, jacuzzi and waterfall. Other features include a three-car garage, two-car carport, motorized front gates, smart house wiring and LED lighting. Enjoy mango, avocado and loquat trees too!

7402 SW 102 Street is currently listed for $5,800,000 with Lynley Ciorobea of Berkshire Hathaway Homeservices EWM Realty, who can be reached at (305) 968-6505 and/or lynley@LCRealEstate.com.

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.