CRC Buys Miami Center for $88M
This marks the company’s first retail acquisition in the Miami-Dade County market.
Continental Realty Corp. has bought CityPlace Doral, a 235,000-square-foot grocery-anchored lifestyle and entertainment center in Doral, Fla., for $87.5 million. PGIM Real Estate previously owned the asset, according to CommercialEdge information. JLL represented the seller.
The acquisition of CityPlace Doral marks CRC’s entry into the Miami-Dade County retail market. The firm purchased the asset through its Continental Realty Opportunistic Retail Fund I LP, a close-ended private equity fund that raised approximately $323 million.
Over the course of last year, CRC bought three retail properties through CRORF, adding more than 900,000 square feet to its portfolio. One of them was a 630,000-square-foot super regional shopping center in Salt Lake City.
Since launching the fund in 2021, CRC has acquired 15 retail properties totaling nearly 3.8 million square feet. Currently, the company manages assets exceeding $4 billion, with 13 retail centers in the state of Florida.
A retail property near Miami
CityPlace Doral came online in 2017 at 8300 NW 36th St., on an 18-acre site. The three-story retail center has a parking garage with 1,700 spots and an open space for community gatherings with a large digital screen for broadcasting sporting events and videos.
Anchored by The Fresh Market, Cooper’s Hawk and Anatomy Fitness, the property features more than 30 retailers and restaurants, including Carrot Express, Copper Blues Rock Pub & Kitchen, Kings Dining & Entertainment, CMX CineBistro, Kuba Cabana, Novecento and Tap 42. The asset was 80 percent leased at the time of sale.
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Located at the intersection between NW 82nd Avenue and NW 36th Street, CityPlace Doral is near Palmetto Expressway, Dolphin Expressway and the Florida Turnpike. Miami International Airport and downtown Miami are within 8, respectively 16 miles southeast. The center serves a population of 460,000 within a 5-mile radius, with average household incomes of approximately $90,000 per year.
The property is also close to several residential communities, including the 303-unit Flats, the 400-unit Manor at CityPlace, the 350-unit Avalon Doral and the 385-unit Céntrico by Windsor. Across the street from CityPlace Doral is Urbana by Lennar, which features more than 900 townhomes and condominiums.
JLL Senior Managing Director Danny Finkle and Senior Director Jorge Portela worked on behalf of the seller.
Retail investment sales rose during the first quarter of 2025, up 13 percent year-over-year and 15 percent from 2023, Newmark research shows. Retail property values increased 4.6 percent over the year—the highest growth in the commercial real estate sector. The sector’s fundamentals remain solid, with steady rent growth projected through 2026 and continued investor interest despite broader economic uncertainty.
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