CORAL GABLES—A newly-raised core fund advised by Zurich Alternative Asset Management of New York has acquired San Remo, a Whole Foods Market-anchored retail center located here. The 59,694-square-foot, fully leased property, which traded for $46.75 million, is part of a larger mixed-use project. An institutional investment advisor was the seller. JLL marketed the property on behalf of this company.
Completed in 2007, Plaza San Remo is anchored by a high-producing Whole Foods Market. The rest of the tenants include Pediatric Associates and OXXO Care Cleaners, both of which have made long-term commitments to the center. The property is located at 6701 Red Rd. and is the ground-floor retail component of a seven-story, mixed-use asset that also features medical office space and a seven-story parking garage.
"The demographics and infill nature of this acquisition opportunity were quite compelling," says Roy Rosenbaum, director of Acquisitions, who spearheaded the deal for ZAAM, in prepared remarks.
This is the second investment in ZAAM's third-party fund, Sean Bannon, managing director and head of US Real Estate for Zurich. "The physical, locational and tenancy features will do well for our international investors, offering them an attractive yield, term and credit. We anticipate this will be a long-term hold for us as we continue to invest in South Florida."
The JLL Retail Capital Markets team that represented the seller included Danny Finkle, Luis Castillo and Eric Williams.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
