Site Centers Sold Target-Anchored Property in Midtown Miami for $83M
By Julia Echikson September 30, 2024 2:34 pm
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Benderson Development paid $83.8 million for Shops at Midtown Miami, marking the first time the 347,740-square-foot, grocery-anchored property traded hands.
The 18-acre retail center, which includes 2,860 parking spots, is 98.3 percent leased, according to JLL (JLL), whose Danny Finkle, Eric Williams, Jorge Portela and Kim Flores represented the New York-based buyer. Tenants include Target, Ross Dress for Less, Dick’s Sporting Goods, Marshalls and HomeGoods.
The sale equates to $241 a square foot.
The seller, Site Centers, purchased the shopping mall at 3401 North Miami Avenue, nestled between the Miami Design District and Wynwood, for $38.5 million in 2004. It completed Shops at Midtown two years later, and the following year added another retail property, which spans 119,000 square feet across the street that Site Centers still owns.
The properties helped transform the area, now known as Midtown Miami, from a railyard into a residential district, home to high-end apartments and restaurants.
The Ohio-based firm divulged the Shops at Midtown’s sale price in a public filing, which announced $610 million worth of transactions, including another South Florida property.
Site Centers sold Village Square at Golf, a 135,133-square-foot property in Boynton Beach, for $31.1 million to DRA Advisors, according to property records and a public filing. Tenants include Publix, Quest Diagnostics and UPS.
A representative for Site Centers did not immediately respond to a request for comment.
Update: The story was updated to include DRA Advisors as the buyer of Village Square at Golf.
Julia Echikson can be reached at jechikson@commercialobserver.com.
