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(Photo Credit: Images for Business)
Miami-based Limestone Asset Management and joint venture partner Orion Real Estate Group recently sold/closed on the Pinecrest Town Center, a mixed-use retail and office property, located at 12651 S. Dixie Hwy., for $42.5 million.
The sellers were represented by Eric Williams with Newmark.
Limestone Asset Management and Orion Real Estate Group performed an extensive nearly $6 million renovation and improvement on the property, which was completed in February 2024. The renovation involved modernizing the façade and storefronts, installing impact windows, upgrades to lighting, and adding a rooftop parking area.
Limestone Asset Management purchased the property in March 2021 for $32 million. The entire site encompasses 228,355 land square feet and 435 feet of frontage along S. Dixie Highway. It includes a four-story office building.
Built in 1985, the property previously underwent renovations in 1994 and 2004. It is now around 90 percent occupied with a strong tenant mix, including major lessees such as Sage Dental, Coldwell Banker and F45 Training, as well as local favorites Anacapri Italian Restaurant, Roasters ‘N’ Toasters, and Sea Siam Thai & Japanese Restaurant.
“Having performed a recent comprehensive nearly $6 million renovation on Pinecrest Town Center, located in one of Miami-Dade’s most vibrant communities with a thriving market and a family-oriented lifestyle, we are pleased to sell it to a highly reputable buyer who will maintain the beauty of the property,” said Ibrahim Al-Rashid, chair of Limestone Asset Management.
Pinecrest is home to approximately 18,388 people (2020 Census), long attracting major business executives and professional athletes. The average home listing price for the area is well above $1 million, which is significantly higher than the median home value for Miami-Dade County.
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