CORAL GABLESAnewly-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. 

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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.

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 "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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 This is the second investment in ZAAM'sthird-party fund, Sean Bannon, managing director and head of USReal Estate for Zurich. "The physical, locational and tenancyfeatures will do well for our international investors, offeringthem an attractive yield, term and credit. We anticipate this willbe a long-term hold for us as we continue to invest in SouthFlorida."

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The JLL Retail Capital Markets team that represented the sellerincluded Danny Finkle, Luis Castillo and Eric Williams.

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