MIAMI—The retail component of DowntownDadeland, a 127,000-square-foot shopping and dining destinationlocated across Kendall Drive from Dadeland Mall, just traded hands.A joint venture between Duncan Hillsley Capitaland Pebb Capital partnered with CanyonCapital Realty Advisors to acquire the asset for $38.9million.

The buyers have picked Continental Real EstateCompanies (CREC) to spearhead leasing and propertymanagement for the retail property. Completed in2009, the retail space is 71% occupied. Tenantsinclude West Elm, Chili's Bar & Grill, Men's Wearhouse, andPanera Bread.

“Downtown Dadeland is already viewed as a shopping destinationfor nearby residents, but we plan to maximize the property's valueby creating a lifestyle destination,” says TomDuncan of Duncan. “We've got a number of advantages in ourfavor, including location, high barriers to entry in the submarket,strong demographics and adjacency to one of the top-performingmalls in the country, Dadeland.”