JBL Buys Pinecrest, Fla., Retail Center for $43M

JBL Asset Management paid $42.5 million for a newly renovated, mixed-use strip mall in Pinecrest, Fla., a wealthy suburb of Miami, property records show.

The 96,075-square-foot property, called Pinecrest Town Center, sits on 5.3 acres at 12651 South Dixie Highway, less than a mile up the road from The Falls indoor mall. The complex includes a four-story office building that is about 80 percent occupied. The retail component is just over 90 percent occupied. 

“This property is great real estate. There’s no real place to develop around this area,” Kfier Cohen, JBL’s director of acquisitions and dispositions, told Commercial Observer. “We would like to hold [the asset] for the long term.”

Retail tenants include Sage Dental, Coldwell Banker and F45 Training, as well as Anacapri Italian Restaurant, Roasters ‘N Toasters and Sea Siam Thai & Japanese Restaurant, according to a representative for the sellers, Limestone Asset Management and Orion Real Estate Group. 

The joint venture, which purchased the asset for $32 million in 2021, spent an additional $6 million on renovations. Eric Williams of Newmark represented the sellers in the recent sale. Synovus Bank provided a $29.75 million loan to the Hollywood, Fla.-based buyer. 

JBL, which primarily invests in South Florida shopping centers, has remained active this year. In October, it purchased the 77,621-square-foot Palm Square shopping center in Pembroke Pines for $25 million.

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