MIAMI-Kendall Hammocks Shopping Center has traded for about $10.2 million. In an interesting twist, the buyer assumed a securitized loan on a portion of the property and paid cash for the balance through two separate entities.

Bilzin Sumberg partner Adam Lustig represented 157th Kendall LLC and 157th Kendall 2, LLC in the acquisition of a shopping center known located at 157th Ave. and Kendall Dr. Lustig had worked on the transaction since December 2010, handling the real estate aspect, while Bilzin’s Serge Pavluk and Andy Mendoza worked on the corporate side of the deal.

“Defeasance costs were cost-prohibitive, so my client had to assume the existing loan on a portion of the property,” Lustig tells GlobeSt.com. “The loan was only on the Babies "R" Us building. The rest of the shopping center was owned by a different entity and was not subject to the loan. So the acquisition was bifurcated.”