HFF Facilitates Miami Retail Center Deal
- Mar 09, 2017
Miami—HFF recently announced that it has closed the sale of Kendall Corners, a 97,189-square-foot retail center located in the Kendall submarket of Miami. Orion Real Estate Group sold the property free and clear of existing debt to MMG Equity Partners for $38.6 million.
HFF represented the seller and worked on behalf of the new owner to secure a fixed-rate acquisition loan in the amount of $27 million, through a life insurance company. Managing Director Brad Peterson and Associate Directors Whitaker Leonhardt and Eric Williams led the investment sales team while Senior Managing Director Chris Drew and Director Scott Wadler led the debt placement team.
Situated on an 8.3-acre site at 2755 North Kendall Drive, Kendall Corners encompasses two multi-tenant buildings in addition to one outparcel pad occupied by BankUnited. The property, completed in 1974 and renovated in 2001, is positioned between SW 127th Ave. and SW 132nd Ave., in close proximity to State Route 94 and Florida’s Turnpike. The center is exposed to approximately 98,500 vehicles per day and more than 209,458 residents with an average annual income of $72,296 live within a three-mile radius of the shopping center.
At the time of the transaction, the asset was 92.8 percent leased. The tenant roster includes Ashley Furniture HomeStore, Baptist Health, Phenix Salon, IHOP and Mattress Firm.
“The Kendall submarket in Miami continues to be one of the strongest retail markets in southeast Florida, driven by the tremendous population density, nearby employment drivers, favorable household incomes and high traffic counts,” said Peterson in a prepared statement. “Kendall Corners is uniquely positioned as an asset with a strong and stable tenant base with ideal future upside.”