MIAMI—The Shops at Sunset Place, a 515,000-square-foot, mixed-use center in South Miami, has traded hands. Federal Realty Investment Trust acquired an 85% interest in the retail asset based on a gross value of $110.2 million.

The transaction includes the assumption of an existing $70.8 million mortgage with an interest rate of 5.6% and maturity date of September 2020. The trust has acquired the property with local market partners Grass River Property and The Comras Company.

"The Shops at Sunset Place was always envisioned to provide a pedestrian friendly, streetscape environment, as an extension of South Miami's 'Main Street' Sunset Drive," Michael Comras, CEO of the Comras, tells GlobeSt.com. "With the right vision, balanced approach and creative thinking, The Shops will complement the area's popular restaurants, cafes and boutiques, while becoming a vital retail anchor that caters to the locals and surrounding communities. We are looking forward to working closely with all to improve and evolve this vision together."