Federal Realty Investment Trust (NYSE:FRT) today announced the acquisition of an 80% interest in CocoWalk, a 198,000-square-foot lifestyle center in Miami, Florida’s Coconut Grove neighborhood, based on a total value of $87.5 million. The Trust acquired the property with local market partners Grass River Property and The Comras Company.
Situated at the prominent intersection of Main Highway, McFarlane Road and Grand Avenue, CocoWalk is located minutes away from Miami’s Brickell, Downtown, Coral Gables and Key Biscayne neighborhoods. Coconut Grove benefits from some of the strongest year-round income demographics in South Florida, a fast-growing daytime population with over one million square feet of office space within walking distance, five existing and three planned hotels, and one of Miami’s best-performing residential markets.
“CocoWalk is the focal point of Coconut Grove’s historic village center, a short walk from Biscayne Bay and some of Miami’s most prominent residential neighborhoods,” said Jim Taylor, Executive Vice President – Chief Financial Officer & Treasurer, Federal Realty Investment Trust. “Surrounded by new residential towers, hotels, offices, schools, parks and marinas, CocoWalk’s tenants serve more than 150,000 Coconut Grove residents and millions of visitors each year. Partnering with neighborhood experts, we see significant opportunity to transform and remerchandise a property at the center of Miami’s most authentic district.”
Constructed in 1990, the property sits on approximately three acres located just two miles from the 16,500 students of the University of Miami. CocoWalk’s overall trade area is uniquely affluent and dense with over 153,000 people and average household incomes of $110,000. One of Miami’s first settlements, Coconut Grove is now enjoying a commercial and residential resurgence marked by the arrival of technology and media companies, the rise of luxury condominiums, and the debut of trendy shops and cafes.
“Local, regional and national retailers and restaurateurs are increasingly seeking walkable environments where they can connect year-round and throughout the day with their customers. Their enthusiasm for CocoWalk’s location will drive a powerful merchandising mix that captures the Grove’s vibe,” said local partner Michael Comras.
Miami native and Grass River Property principal George Spillis added, “Locals are embracing Coconut Grove’s resurgence as a destination that’s home to quality retail, entertainment and dining reflecting their needs and lifestyle. At the same time, visitors to Miami are looking to experience neighborhoods with true local character. CocoWalk has long been the commercial anchor of Coconut Grove. As we move forward, we plan to better integrate CocoWalk into the historic and evolving fabric of the surrounding neighborhood and the larger Grove community.”