Whole Foods-anchored retail center near Miami sells for $46.75M
JLL brokered the sale of the fully leased retail property in Coral Gables
Miami, May 26, 2020 – JLL Capital Markets announced today that it has closed the $46.75 million sale of Plaza San Remo, a 59,694-square-foot, fully leased, Whole Foods Market-anchored retail center that is part of a larger mixed-use project in the Miami-area community of Coral Gables, Florida.
JLL marketed the property on behalf of an institutional investment advisor. A newly raised core fund advised by Zurich Alternative Asset Management, LLC (“ZAAM”) of New York purchased the asset.
Completed in 2007, Plaza San Remo is anchored by a high-producing Whole Foods Market. The rest of the tenants include Pediatric Associates and OXXO Care Cleaners, both of which have made long-term commitments to the center. The property is at 6701 Red Rd. and is the ground-floor retail component of a seven-story, trophy, mixed-use asset that also features medical office space and a seven-story parking garage. Plaza San Remo is surrounded by a dense and affluent Coral Gables customer base that includes 111,533 residents with an average annual household income of more than $135,000 that live within three miles of the property. Additionally, the location at the crossroads of Coral Gables and South Miami places it near several demand drives, including more than 1.8 million square feet of office space within a half mile, the University of Miami and South Miami Hospital.
“We are happy to add this well-located asset to our portfolio,” said Roy Rosenbaum, Director of Acquisitions, who spearheaded the deal for ZAAM. “The demographics and infill nature of this acquisition opportunity were quite compelling.”
“This is the second investment in our newly raised third-party fund,” added Sean Bannon, Managing Director and Head of U.S. Real Estate for Zurich. “The physical, locational and tenancy features will do well for our international investors, offering them an attractive yield, term and credit. We anticipate this will be a long-term hold for us as we continue to invest in South Florida.”
The JLL Retail Capital Markets team that represented the seller included Senior Managing Director and Co-Head of JLL’s Retail Practice Danny Finkle, Managing Director Luis Castillo and Director Eric Williams.
“Plaza San Remo is a trophy Whole Foods store serving one of the most recognizable residential submarkets in South Florida,” Finkle said. “The fantastic credit tenancy, core Coral Gables location and outstanding tenant sales performance made Plaza San Remo a highly desirable asset by investors and an unparalleled core investment opportunity.”
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 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, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Zurich Alternative Asset Management
ZAAM runs a national core and core-plus acquisition program out of New York which targets office, retail, industrial and multi-family properties and has directly acquired over $2 billion of assets since 2013. ZAAM also repositions and restructures non-core, value-added and opportunistic assets aggregating just under $1 billion. ZAAM recently launched an open-ended third-party fund with initial investing capacity approximating $500 million for international investors in core and core plus assets and continues to add to its balance sheet portfolio under management, which spans across 26 states. The core acquisition program is focused on 20 major markets throughout the United States.