Orion Pays $58M for Greenery Mall in Miami-Dade
Orion Real Estate Group paid $58 million for a mixed-use development near the Dadeland Mall in Miami-Dade County, the buyer announced.
The development, known both as The Greenery Mall and Dadeland Square, features 129,585 square feet of street-level retail, which is attached to an eight-story, 84,913-square-foot suburban office building.
The 8.7-acre property is at 7700 North Kendall Drive, west of the Dadeland Mall across the Palmetto Expressway. The seller, Cofe Properties, purchased the complex for $56 million in 2014.
Orion, a Miami-based developer, assumed the seller’s $42 million CMBS acquisition loan from JP Morgan Chase.
The property, which was completed in 1984, is 89 percent leased, according to a spokesperson for the buyer. Retail tenants include T.J. Maxx, HomeGoods, Guitar Center, JoAnn Fabric, Mattress Firm, Starbucks, Don Pan, UPS and Jamba Juice.
JLL’s Danny Finkle, Eric Williams, Jorge Portela, Ike Ojala and Kim Flores represented the seller, while Avison Young’s John Crotty and Michael Fay assisted both parties.
“With a focus on enhancing the overall tenant and guest experience, we plan to integrate a variety of exciting, modern, and diverse retailers, restaurants and entertainment options,” Kevin Sanz, president of Orion Real Estate Group, said in a statement.
Over the past three years, Orion has acquired over half a million square feet of retail and office space in Dadeland and Pinecrest.
Retail sales in South Florida have picked over the summer. The largest being Edens’ $88 million purchase of an open-air shopping center in West Boca Raton. BPS Partners bought a Publix-anchored shopping center in Jupiter for $39 million.
Julia Echikson can be reached at email@example.com.