MIAMI-London Square, a retail shopping center and office building located at the intersection of SW 137th Avenue and SW 120th Street, has sold for $95.25 million. The property was acquired by institutional investment advisor, Rreef on behalf of an unnamed European client for $318.42 per square foot.
CB Richard Ellis' National Retail Investment Group Florida team exclusively represented the seller, an affiliate of Boca Raton, FL-based Woolbright Development. The purchaser's advisor, Rreef, is the real estate investment management business of Deutsche Bank's Asset Management division.
Casey Rosen, a senior vice president at CBRE, tells GlobeSt.com he expects more of this type of foreign investment into Miami retail and office buildings in 2011. Miami, he says, is, in fact, a market of interest for many investors.
"The London Square sale is the largest transaction involving an open air shopping center in Florida since 2008,” Rosen says. “The buyer was interested in a stable, core-quality investment involving excellent real estate and London Square met that criteria. More broadly, the transaction solidly confirms that institutional capital has regained enough confidence in the market to make a major investment in Florida retail property.”
London Square serves the densely-populated, high growth trade area of West Kendall community in southwest Miami-Dade County. The shopping center totals 299,103 square feet, including a 60,665-square-foot office building. The property is currently 99% leased and features a line-up of national and regional tenants including Ross Dress for Less, TJ Maxx/Homegoods, Miami Children's Hospital, Party City, Dollar Tree, Sergio's, Starbuck's and others.
“While it is improving significantly, the market remains challenging to transact in,” Rosen says. “ Miami-Dade county is an in-fill market with the lowest ratio of retail space per capita in Florida and limited opportunities for new retail development. Because if that and the area’s continuing population growth, high quality shopping centers here tend to outperform and investor interest and pricing is strong.”
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