Not a single retail sales in South Florida in 2023 surpassed the $100 million mark. Last year, three deals in the top five hit the nine-figure mark, including the top purchase: New York-based RPT Realty’s $216 million purchase of Mary Brickell Village.
In fact, this year’s biggest retail trade, the $88.4 million sale of Shadowood Square in Boca Raton, barely beat last year’s fifth largest retail sale: Cleveland-based Site Centers’ $85.8 million acquisition of a Boca Raton shopping center.
Despite a strong retail market that has found equilibrium in a post-pandemic world, there were fewer landlords listing trophy properties for sale in the past 12 months. But investors are still targeting neighborhood retail centers at near or full capacity in communities with a lot of foot and car traffic. Four of 2023’s top five retail deals involved outdoor shopping plazas. A luxury car dealership also made it to the list of biggest retail sales.
Here are the top five retail sales in South Florida this year:
$88.4M | Shadowood Square | Boca Raton
Edens acquired Shadowood Square, a shopping plaza consisting of 11 buildings anchored by Sprouts Farmers Market in August. The property at 9887 Glades Road was 70 percent occupied at the time of sale.
A partnership led by South Florida real estate investor Evelyn Langlieb Greer sold the 29-acre site to Edens. In 1994, the Greer partnership paid $15.2 million for Shadowood Square.
Edens plans to redevelop the shopping center, but the firm has not disclosed its plans.
$58M | The Greenery Mall | Dadeland
Miami-based Orion Capital Partners in September acquired the 8.4-acre mixed-use site at 700 North Kendall Drive that also includes an office building.
Previously known as Dadeland Square, the shopping plaza and office building were completed in 1983. The retail component was 89 percent occupied at the time of sale, and the tenant roster includes Mattress Firm, Starbucks and UPS.
The seller, Kendall-based Cofe Properties, paid $56 million for the property in 2014.
$56M | 1600 Pines Market | Pembroke Pines
Apollo Realty Income Solutions, a real estate investment arm of Marc Rowan’s Apollo Global Management, acquired the fully-leased shopping plaza at 16000-16040 Pines Boulevard in August.
The shopping center, completed in phases between 2018 and last year, is anchored by Publix and Burlington stores. Other tenants are the U.S. Postal Service, Regions Bank and Cheddar’s Scratch Kitchen.
Coconut Grove-based Terra acquired the development site in 2017 for $11.5 million and developed 1600 Pines Market’s first phase with a $48.8 million construction loan.
$55M | Mercedes-Benz of Coral Gables | Coral Gables
Dream Motor Group bought the 1.6-acre dealership at 310 Sevilla Avenue in August as part of a portfolio acquisition totaling $150 million. The Birmingham, Alabama-based auto dealer also acquired a former government administrative building in Coral Gables, along with a Mercedes-Benz dealership and car collision center in Cutler Bay.
Coral Gables-based Ussery Automotive Group sold the four properties to Dream Motor, which financed its purchase with a $200 million loan from Mercedes-Benz Financial Services and the seller.
Ussery acquired the Coral Gables Sevilla Avenue site for $5.7 million in 1986 and six years later built the Mercedes-Benz dealership.
$49.2M | Trail Plaza | Miami
Longpoint Realty Partners bagged the Fresco y Mas supermarket-anchored shopping center 1144 Southwest 67th Avenue in unincorporated Miami-Dade County in October.
The Boston-based private equity firm acquired Trail Plaza from Metropolitan Life Insurance Company, which acquired the 17-acre site in 1990 through foreclosure.
In addition to the grocery store, other tenants include Walgreens, Harbor Freight Tools and Party Depot. The property also includes six outparcel tenants.
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