MIAMI—The retail component of Downtown Dadeland, a 127,000-square-foot shopping and dining destination located across Kendall Drive from Dadeland Mall, just traded hands. A joint venture between Duncan Hillsley Capital and Pebb Capital partnered with Canyon Capital Realty Advisors to acquire the asset for $38.9 million.
The buyers have picked Continental Real Estate Companies (CREC) to spearhead leasing and property management for the retail property. Completed in 2009, the retail space is 71% occupied. Tenants include West Elm, Chili’s Bar & Grill, Men’s Wearhouse, and Panera Bread.
“Downtown Dadeland is already viewed as a shopping destination for nearby residents, but we plan to maximize the property’s value by creating a lifestyle destination,” says Tom Duncan of Duncan. “We’ve got a number of advantages in our favor, including location, high barriers to entry in the submarket, strong demographics and adjacency to one of the top-performing malls in the country, Dadeland.”
The 7.5-acre property is close to Miami-Dade’s Metrorail system, major thoroughfares including US-1 and the Palmetto Expressway. In addition to the 416 condos in Downtown Dadeland, the retail asset is also surrounded by prime neighborhoods in Pinecrest, South Miami, Coral Gables, and Kendall. Downtown Dadeland also offers 2 million square feet of office space and over 3,000 residential units to create what the buyers are calling built-in consumer demand.
“With a clear vision and a fresh approach to leasing and management, we have an opportunity to rebrand Downtown Dadeland as a go-to lifestyle destination in the Miami market,” says Carol Brooks, president and cofounder of CREC. “Our strategy will include aggressively seeking and attracting the right mix of tenants and making physical improvements that cater to consumer tastes and create a sense of place.”