EDENS Buys Miami Retail Center for $51M
The property recently lost its anchor tenant.
EDENS has expanded its South Florida holdings with the acquisition of Weston Road Shopping Center, a 108,623-square-foot, open-air shopping center in Davie, Fla. The property changed hands for some $51.3 million or about $483 per square foot, Commercial Observer reported.
Barings, the real estate division of MassMutual, previously owned the asset, according to CommercialEdge. Cornerstone Real Estate Advisors and Barings had acquired the Broward County property in July 2014 for approximately $32.3 million or $304 per square foot. The two companies merged two years later under Barings’ umbrella.
Completed in 1999, the 14.1-acre shopping center is located east of Interstate 75 at 4410-4484 Weston Road, near Griffin Road. About 33,000 vehicles pass the site daily.
Former anchor Office Depot vacated the space it had leased at the property earlier this month. Current tenants include Verizon, T-Mobile, Smoothie King, Weston Diner, Mission BBQ, Jersey Mike’s Subs, Dunkin’, Spartan Gyros and Pizza Heaven, among others, CommercialEdge also shows.
EDENS portfolio moves
EDENS now owns 12 retail real estate assets in Greater Miami, including River Market in Fort Lauderdale; Shadowood Square and Lakeside Centre in Boca Raton; and Fifth & Alton in Miami Beach.
Last month, the firm completed enhancements to the 403,000-square-foot Downtown Palm Beach Gardens property by adding 13 new or expanding retail partners. The new tenants feature a mix of fashion boutiques, eateries, personal services and wellness and spa offerings.
EDENS has a portfolio of more than 100 open-air retail centers and mixed-use projects in high-growth markets across the country.
In September 2024, the company sold a 158,709-square-foot grocery-anchored shopping center in East Greenwich, R.I., to a joint venture between Regency Centers Corp. and Brand Street Properties for $46.7 million. The 20-acre property came online in 1990.
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