Suniland Shopping Center Changes Hands

PINECREST FL—Denver-based REIT Dividend Capital Diversified Property Fund has acquired Suniland Shopping Center , a retail center in Pinecrest, for $66.5 million. Dividend Capital Fund (DPF) is funding the acquisition through cash on hand and availability under its revolving credit facility.

The Suniland Shopping Center property is a few miles from Downtown Miami.

Suniland Shopping Center comprises approximately 82,000 square feet. The center is currently approximately 94% leased to 27 tenants including CVS and Citibank . “Suniland sits at the front door to one of the most powerful trade areas in the entire southeast with outstanding demographics and substantial barriers to entry. We look forward to continuing Suniland’s long history as one of the top performing urban retail centers in south Florida,” commented Greg Moran , executive vice president at DPF. Terranova’s Suniland Associates was identified by a local news source as the seller. The property was originally purchased beginning 22 years ago in two transactions in 1994 for $9.3 million and an out piece in 1996 for $1.1 million, the report states. The center located off 112th Street and US, south of downtown Miami. Including this acquisition, DPF owns 35 retail properties totaling approximately 3.8 million square feet. The fund is a public reporting, daily NAV vehicle based in Denver, that invests in a diversified portfolio of commercial real estate assets. DPF owned 57 properties totaling approximately 9.3 million square feet in 20 geographic markets as of March 31.