Cayon Development Group and Easton Group are joining the wave of buyers snatching up South Florida shopping centers, paying $16.8 million for a Homestead retail site anchored by a Walmart Neighborhood Market.
The joint venture acquired a four-building retail complex at 14325 Southwest 268th Street, records and real estate database Vizzda show. Miami-based Cayon is led by CEO Mauricio Cayon, and Doral-based Easton is led by chairman Ed Easton.
The seller, an affiliate of Miami-based Courtelis Company, paid $4.5 million for the 6.9-acre site in 2017, records show. A year later, the developer completed a 44,922-square-foot building and leased it to Walmart. Courtelis completed the three other buildings totaling 16,345 square feet between 2018 and 2023.
The shopping center’s other tenants include Taco Bell, Truist Bank, the US Postal Service and Papa John’s Pizza, according to an online listing.
South Florida is experiencing a steady flow of shopping center trades in recent months. This month, Beachwood, Ohio-based Site Centers sold The Village Square at Golf, a 135,133-square-foot shopping center in Boynton Beach. New York-based DRA Advisors paid $31.1 million for the 10.3-acre site, which is anchored by kosher grocery store KC Market.
Last month, Site Centers also sold Shops at Midtown Miami, a 47,740-square-foot building with a garage anchored by a Target store, and featuring other tenants including Marshalls, Ross Dress For Less and Dick’s Sporting Goods. New York-based Benderson Development paid $83.7 million for Shops at Midtown Miami.
Also in September, Coral Gables-based Cervera Real Estate Ventures bought Miller Plaza, a Kendall shopping center anchored by a Firestone tire shop, for $18.2 million.
In August, Lakeland-based grocery chain Publix dropped a combined $150 million for a quartet of shopping centers in Broward and Palm Beach counties. The four properties are anchored by Publix stores.
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