CB Kendall Mall, Inc. was represented by CBRE Capital Markets EVP Mike Caprile, EVP George Good and first VP Richard Tarquinio in the transaction.
Miami Beach-based Terranova Corp. will handle the leasing and management of the property. "This is a great location on Kendall Drive. It has super strong demographics, with a huge traffic volume and great residential population," Terranova chairman Stephen Bittel tells GlobeSt.com. "Kendall Mall has been the heart of the Kendall community for over 30 years, and continues to anchor retail on the street."
The mall was 99% occupied at the time of the sale. It is anchored by a Publix and has the only JC Penney Home Store in South Florida. Other tenants include CVS, Staples, Bally Total Fitness, Party City, Blockbuster, Anna's Linens and Payless Shoe Store. Bittel says rents range from the mid- to high-$30s per sf.
"We plan to upgrade the image of the mall with new signage and other improvements," Bittel says.
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