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Prudential Divesting Promenade Shops

AVENTURA, FL-After weathering an eminent domain action and years of road construction, the financial services company decides to sell the 293,000-sf retail center in this upscale community 14 miles north of Miami. The estimated asking price is $30 million.

By David R. Corder | Updated on August 21, 2001

AVENTURA, FL-Prudential Insurance Co. of America is banking that the market conditions are just right to sell the 13-year-old Promenade Shops, a 293,000-sf retail center at 20335 Biscayne Blvd. Prudential won’t disclose the asking price but area brokers tell GlobeSt.com on condition of anonymity the property could be in the $30 million or $102 per-sf range.

It is also apparent the Newark, NJ-based financial services firm considers the time is right to sell now that the Florida Department of Transportation has completed construction work on an adjoining roadway overpass at Ives Dairy Road and Biscayne Boulevard–once a source of some frustration for the property owner.

“Anybody who is looking at the property will want to know about the eminent domain action,” J. Daniel Carlo, managing director, Sonnenblick-Goldman Co., tells GlobeSt.com. “For several years there was some uncertainly about the property, because of concerns about roadway access, loss of parking spaces and the impact on the entrances. But that uncertainly is now gone.”

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