CREC Capital Acquires $62 Million Power Retail Center

Jun 03, 2019 No Comments by

A partnership between Miami based CREC Capital, Lubert-Adler, MMG Equity Partners, and Highline Real Estate Capital acquired a 302,346-square-foot shopping center for $62.2 million.

The deal closed May 31.

The seller was RVT Homestead Pavilion. The property, located at Florida’s Turnpike & Campbell Drive (SW 312th St.,) serves a population stretching from Kendall to the Florida Keys

The power center, called Homestead Pavilion, is 100 percent occupied by some of the region’s top performing retail tenants including: Ross Dress for Less,TJ Max, Old Navy, Michaels, Petco, Five Below, Bed Bath & Beyond, Panera Bread, Planet Fitness and Olive Garden. The 42.06-acre retail center includes a 5.96-acre vacant site for future development. (The property doesn’t include Kohl’s.)

 

“This transaction gave our partnership the opportunity to acquire an asset with strong in-place cash flow as well as significant upside,” said Warren Weiser, Partner with CREC Capital.

Built in 2008, the retail center will be a long-term hold for the partnership.

 

“We plan to develop the remaining parcel and continuously enhance the current tenant mix in line with market growth,” Weiser added.

This acquisition highlights the continued demand for retail assets in the e-commerce era.

 

“This property is testament to the fact that shopping centers with the right tenant mix are thriving in today’s retail environment,” said Alan Esquenazi, Partner with CREC Capital. “In-store sales for our tenants are extremely strong and trending upward. Homestead Pavilion has a waiting list of retailers wanting to move in.”

Casey Rosen, Dennis Carson and Paul Ahmed from CBRE represented the seller.

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Industry News, Miami-Dade County Retail, NA, Retail
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