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Miami-based Limestone Asset Management, via a joint venture with Orion Real Estate Group, purchased/closed on Colonial Palms Plaza, located at 13601–13621 S. Dixie Highway, Miami, FL, 33176, for $70.5 million on Dec. 23, 2022.
Limestone Asset Management invests in and acquires real estate properties over all asset classes throughout North America.
The 188,389-square-foot property serving the communities of Pinecrest and Palmetto Bay 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, chair 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.”
Eric Williams of JLL represented the seller, MetLife Investment Management. Goldman Sachs is providing financing for the purchase.
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 S. Dixie Hwy, Pinecrest, Pinecrest Town Center is a mixed-use retail and office property. In September 2022, Limestone began a $4 million renovation of the property, with completion scheduled for spring 2023.
More than 101,670 residents, with an average household income of $149,442, reside within a three-mile radius of the property. The average home listing price for Pinecrest/Palmetto Bay is $1 million-plus.
To see more #Miaminews from #Aventura to #Coralgables to #SouthMiami, #Pinecrest, #Palmetto Bay and #Cutler Bay and all throughout #Miamidadecounty go to:
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