Miami Retail Destination Sells For $78.2 Million

Oct 18, 2018 No Comments by

Duncan Hillsley Capital and PEBB Capital announced they have closed on the sale of the urban retail center Downtown Dadeland to Midtown Capital Partners for $78.2 million.

The sale was brokered by Dennis Carson and Casey Rosen of CBRE, who represented both sides of the transaction.

The 127,635-square-foot transit-oriented center located at 7250 North Kendall Drive is 97% leased and features a dynamic fusion of chef-driven dining, unique retail and fitness establishments from local, regional and national operators.

Responding to the urbanization of the Dadeland area and its surrounding communities, a joint venture between Duncan Hillsley Capital and PEBB Capital purchased the retail component of Downtown Dadeland in August 2014 for $38.9 million. At the time, Downtown Dadeland was 50% occupied and they immediately began a rebranding and capital improvement program to reintroduce the property to the market.

Their vision was to create a town center and lifestyle destination for residents of Pinecrest, East Kendall, Coral Gables, South Miami and other neighboring areas.

Led by Tom Duncan, the Duncan Hillsley Capital team of Shane Hillsley and Vin Buoniconti, along with the leasing team of Steven Henenfeld and Rafael Romero from CREC, successfully revitalized Downtown Dadeland as one of the first experiential retail centers in South Florida. In addition to attracting a new wave of significant dining, wellness and entertainment tenants, the team coordinated numerous events and community outreach activations to engage the surrounding area.

 

“I’m extremely proud of the transformational success we’ve achieved at Downtown Dadeland,” states Tom Duncan, President of Duncan Hillsley Capital. “Our vision was not just to create a retail center, but a culinary destination and area epicenter where people can gather, spend some time and walk away with an experience of a day well-spent. Downtown Dadeland has become a real urban village.”

Over the past several years, the Dadeland area has transformed into a vibrant urban area and Downtown Dadeland has become a neighborhood center at the heart of it. Located off of SR 826 and US-1, Downtown Dadeland is easily accessible and centrally positioned on Kendall Drive and Dadeland Boulevard, making it a natural location for the transit-oriented retail center.

 

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