Benderson Grows South Florida Footprint—Again

Benderson Development has purchased The Shops at Midtown Miami, a 347,740-square-foot, grocery-anchored retail center in Miami. SITE Centers sold the asset for $83.8 million in a transaction arranged by JLL.

It was only a few days prior to this transaction that Benderson acquired Cypress Trace, another grocery-anchored center, in Fort Myers, Fla., also from SITE Centers. The firm’s Sunshine State portfolio also includes Carillon Place in Naples, Glengary Shoppes in Sarasota and Linton Commons in Delray Beach, among others.

The Shops at Midtown Miami, up close

Built in 2006, The Shops at Midtown Miami was 98.3 percent leased at the time of sale. Tenants include national retailers such as Target, Ross Dress for Less, Dick’s Sporting Goods, Marshalls and HomeGoods.

The center occupies more than 18 acres at 3401 N. Miami Ave., features 2,860 structured garage parking spaces and attracts more than 3.4 million annual visitors. The location is proximate to interstates 95, 195 and 395, as well as Miami Beach, the city’s downtown, the Design District and Brickell.

JLL Senior Managing Director & Co-Lead Danny Finkle and Vice President Kim Flores, together with Senior Directors Eric Williams and Jorge Portela, led the Capital Markets Investment and Sales Advisory team that represented the seller.

Sunny climate

“The South Florida market remains high on the target list for investors across all asset classes, based on the high barriers to entry, the continued employment and population strength,” Finkle told Commercial Property Executive. “Retail has been a prime beneficiary as retail fundamentals in the region are exceptional and limited high-quality sale offerings come to market. In particular, South Florida’s most infill retail centers are highly coveted and are driving a material pricing premium,” he added.

In late July, the partnership of SJC Ventures and Nuveen Real Estate received a $69.4 million loan, arranged by CBRE Capital Markets, for the development of an 83,300-square-foot shopping center in Doral, Fla., that is already 69 preleased. Construction is scheduled to begin this fall.