Orion and Limestone Buy Pinecrest Strip Mall for $71M
By Julia Echikson December 28, 2022 12:52 pmreprints
Orion Real Estate Group and Limestone Asset Management paid $70.5 million for a strip mall in the wealthy Miami suburb of Pinecrest, Fla., the joint venture announced.
The seven-building property, which sits on 15 acres, is at 13601 and 13621 S Dixie Highway, adjacent to Southwest 136th Street. It’s 97 percent leased to 29 tenants, including discount stores Marshalls, Five Below and Old Navy, food and beverage shops Panera Bread and Miller’s Ale House, as well as Visionworks and CycleBar among others.
Eric Williams of JLL represented the seller, MetLife Investment Management, which seized the property through a court-ordered repossession in 1993, according to property records. Goldman Sachs is providing a $45.5 million loan for the buyers, per a spokesperson for the JV.
The Pinecrest deal is the latest purchase for Miami-based Limestone, an affiliate of Orion formed in 2010 and led by Ibrahim Al-Rashid, son of Saudi billionaire Nasser Al Rashid.
Last year, the joint venture, which was formed in 2010, paid $32 million for Pinecrest Town Center about a mile away from the most recent purchase and began a $4 million renovation this year.
The pair also paid $133 million last year for a national portfolio of 27 Walgreens locations.
Julia Echikson can be reached at firstname.lastname@example.org.