Asana Partners Bags Grocery-Anchored Mall Near Miami for $62M

Asana Partners purchased a grocery-anchored retail center near Coral Gables, Fla., for $62.1 million. 

The 93,917-square-foot Red Bird Center is fully leased to tenants that include upscale grocer Milam’s Market, as well as Walgreens, Orion Fuels and Ace Hardware, according to JLL, which represented the seller, Red Bird Associates. 

The 5.6-acre property at 5761 Bird Road, which has weighted average tenures of 31 years, stands by the intersection of Southwest 57th Avenue, just west of the Riviera Country Club and about seven miles southwest of Downtown Miami. The seller, an entity linked to Stephen Brandon of Miami, as well as Joel Bayer and Mark Morgan of Kansas, has owned the asset since 1986. 

“With high barriers to entry in this densely developed market, Red Bird Center presents significant value creation opportunities for Asana Partners in the years to come,” said JLL’s Jorge Portela, who represented the seller, alongside Danny Finkle and Kim Flores.

The purchase adds to Asana Partners’ South Florida portfolio. In 2018, it purchased a seven-building, 61,400-square-foot portfolio in Miami Beach’s Sunset Harbour neighborhood for $68.8 million.

In recent months, grocery-anchored retail properties in South Florida have remained popular among investors. In August, Bain Capital and 11North Partners acquired a portfolio of 10 retail centers across Florida and South Carolina — seven of which are anchored by Publix — for nearly $400 million. Earlier this week, PGIM Real Estate backed the purchase with a $260 million loan. 

Publix itself has gotten into the action, spending more than $200 million on properties that it anchors in South Florida since last year, in effect moving from renter to owner.

A representative for Charlotte, N.C.-based Asana did not immediately respond to a request for comment. 

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