The 44-year-old property, totally renovated from 1998 to 2001, is 100 miles north of Downtown Miami and about 130 miles south of Downtown Orlando. The acquisition is DLC's 33rd shopping center and its first in South Florida. Gourmet grocer Stuart Fine Foods anchors the mall with a 38,100-sf store.
DLC bought the property for long-term ownership. "The center has both stability and upside (potential)," DLC senior vice president Daniel Taub says in a prepared statement.
He says the anchor tenants are on long-term net leases, "but the right to add a restaurant pad site, plus leasing up presently vacant space, gives us room to grow the net operating income of the asset." Average asking rents are $17 per sf.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
