CORAL GABLES—Anewly-raised core fund advised by Zurich Alternative AssetManagement of New York has acquired San Remo, a Whole FoodsMarket-anchored retail center located here. The 59,694-square-foot,fully leased property, which traded for $46.75 million, is part ofa larger mixed-use project. An institutional investment advisor wasthe seller. JLL marketed the property on behalf of thiscompany.
Completed in 2007, Plaza San Remo is anchored by ahigh-producing Whole Foods Market. The rest of the tenants includePediatric Associates and OXXO Care Cleaners, both of which havemade long-term commitments to the center. The property is locatedat 6701 Red Rd. and is the ground-floor retail component of aseven-story, mixed-use asset that also features medical officespace and a seven-story parking garage.
"The demographics and infill nature of thisacquisition opportunity were quite compelling," says Roy Rosenbaum,director of Acquisitions, who spearheaded the deal for ZAAM, inprepared remarks.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
