An aerial view of the Homestead Pavilion shopping center.

HOMESTEAD, FL—The more than 302,000-square-foot shopping center Homestead Pavilion has been sold to a partnership between Miami based CREC Capital, MMG Equity Partners and Highline Real Estate Capital and Lubert-Adler of Philadelphia for $62.25 million.

The 100% leased property located at Florida's Turnpike & Campbell Drive in Homestead was sold by RVT Homestead Pavilion. Casey Rosen, Dennis Carson and Paul Ahmed of CBRE represented the seller.

Tenants at the 302,346-square-foot property include Ross Dress for Less, TJ Max, Old Navy, Michaels, Petco, Five Below, Bed Bath & Beyond, Panera Bread, Planet Fitness and Olive Garden. The 42.06-acre retail center includes a 5.96-acre vacant site for future development. The property doesn't include a Kohl's department store adjacent to the property.

“This transaction gave our partnership the opportunity to acquire an asset with strong in-place cash flow as well as significant upside,” said Warren Weiser, partner with CREC Capital. He adds that the new ownership plans to develop the vacant parcel.

Built in 2008, the retail center will be a long-term hold for the partnership, the new ownership states.

CREC Capital officials note the transaction highlights the continued demand for retail assets in the e-commerce era.

“This property is testament to the fact that shopping centers with the right tenant mix are thriving in today's retail environment,” says Alan Esquenazi, partner with CREC Capital. “In-store sales for our tenants are extremely strong and trending upward. Homestead Pavilion has a waiting list of retailers wanting to move in.”