Limestone Asset Management Closes on Pinecrest Town Center in Miami-Dade County for $32 Million
Miami-based Limestone Asset Management, via a joint venture with Orion Real Estate Group, closed on Pinecrest Town Center, the mixed-use retail and office property located at 12651 South Dixie Highway, Pinecrest, FL 33156, for $32 million. Limestone Asset Management invests in and acquires real estate properties over all asset classes throughout North America.
Limestone Asset Management is assuming an existing mortgage on the property.
Limestone Asset Management is an affiliate of Orion Real Estate Group, its joint venture partner in the deal. Limestone Asset Management uses Orion Real Estate Group's expertise to complete all of its North America-based transactions. Orion Real Estate Group is led by President Kevin J. Sanz. The seller was represented by Jones Lang Lasalle Americas, Inc.
The property offers a combined total of 94,175 square feet ― 60,484 square feet of retail space and 33,691 square feet of office space. Major lessees are Sage Dental, EWM and Coldwell Banker. Additional lessees include local favorites Anacapri Italian Restaurant and Sea Siam.
The entire site encompasses 225,255 land square feet, and 435 feet of frontage along South Dixie Highway. It is located in the heart of Pinecrest in Miami-Dade County. The property was built in 1985, renovated in 1994 and 2004, and is currently 82.6% leased.
“Pinecrest Town Center is a popular local center with tremendous value add potential in a booming area,” said Ibrahim Al-Rashid, chairman of Limestone Asset Management. “We are very pleased to have closed on this property in the upscale suburb of Pinecrest.”
“Pinecrest is one of the most affluent neighborhoods in Florida, and it has a massive upward trajectory,” said Kevin J. Sanz, CCIM, MSIRE, president of Orion Real Estate Group. “Pinecrest Town Center is situated in the heart of this area, and we are excited for the long-term growth and appreciation potential of this market.”
More than 100,500 residents with an average household income in excess of $141,660 reside within a 3-mile radius of the property. The median home value for the area is $535,241 ($972,298 directly within the City of Pinecrest), which is 84% higher than the median home value for Miami-Dade County.
One of Limestone Asset Management’s recent purchases prior to Pinecrest Town Center was two high-end retail properties for $15.5 million at St. Armands Circle, one of Florida’s most iconic shopping and dining destinations, and Sarasota’s No. 1 tourist destination. Limestone Asset Management also recently acquired seven single-tenant outparcels around Orlando’s Mall at Millenia for $22.7 million.