South Florida Retail Asset Changes Hands for $58M

The Greenery Mall was among South Florida’s first mixed-use projects. Image courtesy of Solo Photography.

Dadeland Greenery LP has acquired Greenery Mall, also known as Dadeland Square, a 129,585-square-foot retail center in Miami. Cofe ZM Dadeland LLC sold the asset for $58 million. The deal also involved the assumption of a $39 million mortgage.

Orion Capital Partners LLC is the project’s sponsor, and its affiliate Orion Real Estate Group will manage the property and lease the retail space, while Fairchild Partners will continue to lease the office component.

JLL Senior Managing Director & Co-Lead of the company’s U.S. capital markets retail group Danny Finkle, Senior Directors Eric Williams and Jorge Portela, Managing Director Ike Ojala and Senior Associate Kim Flores represented the seller, while Avison Young Principal John Crotty and Chairman Michael T. Fay consulted with both parties on the transaction.

Located at 7700 N. Kendall Drive, on 8.38 acres, the property is in the Kendall Smart Plan Mixed-Use Corridor and the Rapid Transit Activity Corridor due to its proximity to the Dadeland South Metrorail Station and the South Dade TransitWay Bus Terminal.

One of Miami’s first mixed-use projects

The street-level retail asset is one of South Florida’s first mixed-use projects, said Kevin Sanz, co-manager of the general partner of Dadeland Greenery LP in prepared remarks. The Greenery Mall is part of an eight-story building totaling 84,913 square feet of office space. Additionally, there are 743 parking spaces available. Tenants include T.J. Maxx, HomeGoods, Guitar Center, JoAnn Fabric, Mattress Firm, Starbucks, Don Pan, UPS and Jamba Juice.

In the past three years, Orion has acquired more than half a million square feet of retail and office space in the Dadeland and Pinecrest Submarket, which has one of the highest per capita income ratings in Florida, according to the company.