Kendall Shopping Center Sells For $31 Million

Apr 01, 2013 No Comments by

WRI-TC Kendall Corners LLC, a company managed by Weingarten Realty Investors, sold Kendall Corners on March 22 for $31 million, according to Miami-Dade County records. Houston-based Weingarten paid $36.28 million in September 2006 for the 96,515-square-foot shopping center at 12755 N. Kendall Drive in unincorporated Miami-Dade County.

The center was built in 1974 and renovated in 2001.

Weingarten acquired Kendall Corners as part of a seven-property, $325 million portfolio acquisition from Boca Raton-based Woolbright Development Inc.

The buyer is Orion Venture VIII KC LLC, which is managed by Miami-based Orion Investment and Management Ltd. Corp. Orion obtained a $20.8 million loan from Midfirst Bank for the purchase.

Launched in 1978, Orion is a full-service real estate firm that acquires, develops, leases and manages properties, according to its website. The company’s investment portfolio is valued at more than $250 million, with more than 40 properties in 15 states.

Jones Lang LaSalle Inc.’s Atlanta-based managing directors Kris Cooper, Margaret Caldwell and Carson Good arranged the sale.

Kendall Corners is 94 percent occupied, according to Jones Lang’s marketing materials. Tenants include Ashley Furniture Home Store and Baptist Health Urgent Care.

On March 1, Weingarten paid $18 million for a Sea Ranch Lakes shopping center that traded for $30.5 million in January 2007.

 

Source:  DBR

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