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GlobeSt.com EXCLUSIVE: South Dade Shopping Center Sells for $24M

MIAMI-Woolbright Pembroke Ltd., controlled by Woolbright Development Inc., paid about $112.75 per sf to a limited liability company controlled by Schiff-Turnberry Properties for the 211,969-sf center here. Built in 1984, the center recevied a major renovation in 1993 after Hurricane Andrew.

By Melissa Bogdany | Updated on October 30, 2003

MIAMI-The 211,969-sf South Dade Shopping Center in Miami-Dade County has been sold for $23.9 million, or approximately $112.75 per sf. Woolbright Pembroke Ltd., an entity controlled by Woolbright Development Inc. of Boca Raton, purchased the shopping center from a limited liability company controlled by Schiff-Turnberry Properties.

The shopping center is located on the southeast corner of South Dixie Highway and Eureka Drive (Southwest 184th Street) in the Cutler Ridge section of southern Miami-Dade County, an area that is seeing significant residential growth.

“South Dade Shopping Center will continue to flourish since it is located in what is, and will continue to be, one of Miami-Dade’s main residential growth corridors for the foreseeable future,” according to Mark Gilbert, one of the brokers representing the seller in the transaction. Gilbert is senior director of financial services in Cushman & Wakefield’s local office.

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