CRC Buys South Florida Retail Center for $88M

Continental Realty Corporation (CRC) is expanding to South Florida after acquiring the retail component of the CityPlace Doral mixed-use development for $87.5 million, the Baltimore-based firm announced.

The 235,000-square-foot, grocery-anchored retail center sits at 8300 Northwest 36th Street, about a mile west of the Palmetto Expressway and two miles west of Miami International Airport. The property, which counts 30 tenants and 1,700 parking spots, is about 80 percent leased, with tenants that include The Fresh Market, Cooper’s Hawk, Oakberry and Anatomy Fitness.

Miami developers Related Group and Shoma Group completed the 18-acre mixed-use campus in 2017, which includes a 303-unit multifamily component. Insurance giant PGIM eventually took control of the retail component. Danny Finkle and Jorge Portela of JLL represented the seller in the latest transaction.

The sale marks CRC’s first acquisition in South Florida. The firm, which specializes in retail and multifamily properties, has more than $4 billion of assets under management. It used proceeds from a $323 million fund to finance CityPlace’s acquisition.

“Situated in a growing submarket with high barriers to entry and a market occupancy exceeding 97 percent, this well-maintained and institutional-quality center seamlessly aligns with our investment strategy of acquiring irreplaceable assets with necessity retailers in robust retail corridors,” Josh Dinstein, CRC’s senior vice president of commercial acquisitions, said in a statement.

More retail is set to come to Doral. Last month, Codina Partners secured a $39 million construction loan for a retail expansion in one of the final phases of the 250-acre Downtown Doral master development.

Representatives for PGIM did not immediately respond to a request for comment.

Julia Echikson can be reached at jechikson@commercialobserver.com.