Courtelis Sells South Miami Retail Asset for $45M

Deerwood Town Center. Image courtesy of JLL Capital Markets

Core Investment Management has acquired Deerwood Town Center, a 205,853-square-foot retail center in Miami. The developer of the grocery- and home improvement-anchored asset, Courtelis, sold it for $44.9 million. JLL Capital Markets arranged the deal.

Completed in 1985, Deerwood Town Center was fully leased at the time of the sale, anchored by Fresco y Mas and Home Depot. Other tenants include Pet Supermarket, TD Bank and Amped Fitness, which recently signed a lease to occupy 18,000 square feet at the property.

Located at 12095 SW 152nd St., Deerwood Town Center is on the northeast corner of Coral Reef Drive and SW 122nd Avenue within southwest Dade County. The retail center is roughly 18 miles from downtown Miami and has direct access to the Florida Turnpike. Richmond Heights and Palmetto Estates are in the surrounding area, with Zoo Miami just across the property.

The JLL Capital Markets team included Senior Managing Director Dan Finkle, Senior Director Eric Williams and Vice President Kim Flores.

Williams said in prepared remarks that there is growing interest for ethnic grocers such as Deerwood Town Center. Recently, a Walmart-anchored retail center changed hands in metro Miami and was acquired by an affiliate of Investments Limited for $17 million. According to a recent JLL report, retail fundamentals are still strong, despite the challenges posed by inflation, which have not yet had a significant effect on consumer behavior.