Dark Starr is comprised of San Francisco-based AMB Property Corp. and Houston-based Lefmark Group Inc.

Dark Starr acquired Kendall Mall in 1984 for $15.3 million or $52.02 per sf, according to Miami-Dade County property records.

The 21.32-acre, 30-year-old community shopping center is at Southwest 88th Street and 107th Avenue.

Mark Gilbert, senior director/financial services, and Adam Feinstein, director of financial services, Cushman & Wakefield of Florida Inc., negotiated for the sellers.

Gilbert wouldn't confirm the purchase price but tells GlobeSt. com the $50 million is "a fair assessment of the transaction."

He says the mall's 44 tenants aggregately generate at least $100 million in annual sales.

"The sales of many of these tenants rank with the top five or 10 stores for many of the national chains that have a presence in the mall," the broker tells GlobeSt.com.

"What makes this center so special is all the fundamentals that we think about when it comes to a retail property--location, the mix of tenants and the sales volume the tenants are producing," Gilbert says.

In comparable sales, Sterling Oaks, a limited partnership, sold the 173,902-sf Royal Oaks Plaza in suburban Miami Lakes last December for $17.4 million or about $100 per sf.

Information published on the Lefmark Internet Web Site (www.lefmark.com) shows the venture invested about $30 million in the late 1990s and expanded the site to its current size of 294,113 sf.

The mall's tenant mix comprises Publix Supermarket, Bally Total Fitness, Eckerd Drug, Party City, Bell South Mobility, Blockbuster Video, Rack Room Shoes, Payless Shoe Source, Wolf Camera, Dry Clean USA, McDonald's Express and Subway.

Instant Insights /

GlobeSt.com UPDATE: Kendall Mall Goes to RREEF Client for $50 Mil

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