{"id":1004277164,"date":"2018-11-05T04:23:58","date_gmt":"2018-11-05T12:23:58","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004277164"},"modified":"2022-12-07T17:47:53","modified_gmt":"2022-12-08T01:47:53","slug":"midtown-realty-affiliate-buys-miami-shopping-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/midtown-realty-affiliate-buys-miami-shopping-center\/","title":{"rendered":"Midtown Realty Affiliate Buys Miami Shopping Center"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"Downtown<\/a>

Downtown Dadeland<\/p><\/div>\n

In a $78.2 million deal, an affiliate of Midtown Realty Group has acquired Downtown Dadeland, a 126,000-square-foot retail lifestyle center in Miami, from a joint venture between Duncan Hillsley Capital and Pebb Capital.<\/p>\n

CBRE facilitated the deal on behalf of the sellers, with the firm\u2019s Dennis Carson and Casey Rosen handling the transaction. Downtown Dadeland was 98 percent leased at the time of sale.<\/p>\n

\u201cIt\u2019s a true core location, opposite Dadeland Mall, a true fortress super-regional mall at the heart of a special zoning district promoting urban-level density<\/a> and serving some of Miami\u2019s densest, most established and affluent communities,\u201d <\/em>Carson, CBRE\u2019s executive vice president, told Commercial Property Executive. \u201cIt had very successful tenancy, including an ideal mix of restaurants, fitness and service, and zero exposure to the internet. It also offered the buyer unusually strong income growth potential.\u201d<\/em><\/p>\n

Originally completed between 2007 and 2009, the property is located on a 7.5-acre urban infill site in the center of the stretch nicknamed Dadeland Golden Triangle across from Dadeland Mall.<\/p>\n

The partnership between Duncan Hillsley Capital and Pebb Capital purchased the property in 2014 for $38.9 million<\/a> from Downtown Dadeland Retail LLC.<\/p>\n

Improving its investment<\/strong><\/h2>\n

Over the four years it owned the property, the joint venture made substantial upgrades, including adding several restaurant, entertainment and fitness tenants. Its current tenant roster includes Pubbelly Sushi, Barley, Ghee, The Brick, Harry\u2019s Pizzeria, Prime Cigar, The Brass Tap, Orange Theory Fitness and Hard Exercise Works.<\/p>\n

Tenants in-place since the acquisition include West Elm, Men\u2019s Wearhouse, Chilli\u2019s, Panera Bread, Lime Fresh, Verizon Wireless and Surgical Park Center, an outpatient surgery subsidiary of Healthcare Corporation of America. <\/p>\n

Located in the center of The Dadeland Triangle, Downtown Dadeland is bounded by three of Miami\u2019s most heavily trafficked roads\u2014The Palmetto Expressway, U.S. 1 and the Snapper Creek Expressway. It\u2019s situated directly at the entrance of the 1.4 million-square-foot Dadeland Mall and is close by Pinecrest, East Kendall and South Miami.<\/p>\n

\u201cThe Dadeland Triangle continues to evolve into the \u2018urban suburban\u2019 environment that Miami-Dade envisioned with the creation of the Downtown Kendall Urban District,\u201d <\/em>Carson said. \u201cSeveral projects have recently been completed, others are underway or announced, all are or will be highly accretive to Downtown Dadeland well into the future.\u201d<\/em><\/p>\n

The property also includes a 433-space parking garage.<\/p>\n

\u201cThe buyer has a generational view of this investment and will make strategic improvements when opportunities present themselves, they definitely think it can be made better over time,\u201d<\/em> Carson added.<\/p>\n

Image courtesy of CBRE<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A joint venture between Duncan Hillsley Capital and Pebb Capital sold the 126,000-square-foot property for more than double its 2014 acquisition price.<\/p>\n","protected":false},"author":451,"featured_media":1004277200,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,1492,21742,21749],"tags":[32789,42815,42809,42812],"class_list":["post-1004277164","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-miami","category-latest","category-retail","tag-cbre","tag-dennis-carson","tag-duncan-hillsley-capital","tag-pebb-capital"],"acf":[],"yoast_head":"\nMidtown Realty Affiliate Buys Miami Shopping Center - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/midtown-realty-affiliate-buys-miami-shopping-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Midtown Realty Affiliate Buys Miami Shopping Center\" \/>\n<meta property=\"og:description\" content=\"A joint venture between Duncan Hillsley Capital and Pebb Capital sold the 126,000-square-foot property for more than double its 2014 acquisition price.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/midtown-realty-affiliate-buys-miami-shopping-center\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-11-05T12:23:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T01:47:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Downtown-Dadeland.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/midtown-realty-affiliate-buys-miami-shopping-center\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/midtown-realty-affiliate-buys-miami-shopping-center\\\/\"},\"author\":{\"name\":\"Keith Loria\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"headline\":\"Midtown Realty Affiliate Buys Miami Shopping Center\",\"datePublished\":\"2018-11-05T12:23:58+00:00\",\"dateModified\":\"2022-12-08T01:47:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/midtown-realty-affiliate-buys-miami-shopping-center\\\/\"},\"wordCount\":438,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/midtown-realty-affiliate-buys-miami-shopping-center\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2018\\\/11\\\/Downtown-Dadeland.jpg\",\"keywords\":[\"CBRE\",\"Dennis Carson\",\"Duncan Hillsley Capital\",\"Pebb Capital\"],\"articleSection\":[\"Deals\",\"Featured\",\"Investment\",\"Miami\",\"News\",\"Retail\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/midtown-realty-affiliate-buys-miami-shopping-center\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/midtown-realty-affiliate-buys-miami-shopping-center\\\/\",\"name\":\"Midtown Realty Affiliate Buys Miami Shopping Center - 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