Stockbridge Grabs $40 South FL Retail Asset

By Jeff Hamann

Fountains of Miramar

DDR Corp. has sold The Fountains of Miramar, a 139,239-square-foot retail property, to Stockbridge Capital Group. The buyer paid $40 million for the shopping center, according to Broward County records. The new owner has chosen CREC to oversee management and leasing for the asset.

Located at 2905 S.W. 160th Avenue in Miramar, Fla., the shopping center sits at the northwest corner of Interstate 75 and Miramar Parkway, exposed to an estimated 91,500 vehicles per day. The property is positioned near Miramar Centre Corporate Park, home to the Department of Homeland Security, Humana and a number of other large employers.

Diverse anchors

Completed in 2015, The Fountains of Miramar is currently 93 percent leased. Ross Dress for Less and Marshalls occupy approximately 30,000 square feet each, in addition to a 20,000-square-foot HomeGoods and a 10,233-square-foot Pet Supermarket anchoring the asset. The property is also shadow-anchored by The Home Depot. CREC’s Sabrina Stimming and Ruben Suarez will market the center’s remaining 9,513 square feet for lease.

Over the past year, Stockbridge has added more than 3 million square feet to its nationwide portfolio, which included a $41 million Ft. Lauderdale office acquisition in January.

Image courtesy of CREC