Urban, open-air lifestyle center in Miami sold for $65.5M
JLL Capital Markets closed the sale of The Shops at Sunset Place to Midtown Development
MIAMI, Jan. 15, 2021 – JLL Capital Markets announced today that it has closed the $65.5 million sale of The Shops at Sunset Place, an urban, open-air lifestyle center with 514,690 square feet of retail and office space in Miami, Florida.
JLL advised the seller, a partnership of Federal Realty Investment Trust, Grass River Property and Comras Company. Midtown Development purchased the property free and clear of any financing. The buyer retained Grass River to continue to manage the property.
Situated on 9.7 acres at 5701 Sunset Dr., The Shops at Sunset Place is centrally located in eastern Miami-Dade County along US 1 and surrounded by several of Miami’s most affluent communities, including South Miami, Coral Gables and Pinecrest. The immediate area includes demand drivers such as South Miami Hospital, the University of Miami and high-street retail along with the South Miami Metrorail Station, all of which contribute to consistent and strong traffic levels to the property.
The Shops at Sunset Place is 78-percent-leased center and home to a diverse mix of entertainment, restaurant, clothing, home goods and furniture tenants, including AMC Theaters, LA Fitness, Barnes and Noble, Gametime and Splitsville. The asset also contains an eight-story parking garage with 1,862 spaces.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Director and Co-Head of U.S. Retail Capital Markets Danny Finkle, Executive Managing Director Manny De Zárraga and Senior Director Maurice Habif.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.