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Miami-based Limestone Asset Management and Orion Real Estate Group have completed the $5 million renovation of Pinecrest Town Center, a mixed-use retail and office property located at 12651 S. Dixie Hwy. in Pinecrest.
The renovation involved modernizing the façade and storefronts, installing impact windows, upgrades to lighting, and adding a rooftop parking area. Leading the renovation were general contractor Tim Majors of Suncon and architect Bruce Arthur of WHA Design, both based in Miami.
Limestone Asset Management purchased the property in March 2021 for $32 million. The entire site encompasses 225,255 land square feet and 435 feet of frontage along S. Dixie Highway. Built in 1985, the property underwent previous renovations in 1994 and 2004, and now is at approximately 90 percent occupancy. Major lessees are Sage Dental and Coldwell Banker. Additional lessees include local favorites Anacapri Italian Restaurant and Sea Siam.
“We are pleased to have completed our extensive renovations on Pinecrest Town Center, located in the heart of the upscale suburb of Pinecrest,” said Ibrahim Al-Rashid, chair of Limestone Asset Management. “With a new sleek look, Pinecrest Town Center now fits right into the surrounding area, which is one of Miami’s most desired neighborhoods.”
More than 101,902 residents, with an average household income of more than $132,490, reside within a three-mile radius of the property. The average home listing price for the Village of Pinecrest is well above $1 million, which is significantly higher than the median home value for Miami-Dade County.
Offering a high quality of life and vast acre lots, Pinecrest has long attracted major business executives and professional athletes. Many new Florida residents continue to flock to the area post-pandemic.
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