JV Partners Acquire Florida Mixed-Use Property
Orion Real Estate Group and Limestone Asset Management have purchased the 94,175-square-foot retail and office property, located on a 225,255-square-foot site in Pinecrest, FL.
PINECREST, FL – Orion Real Estate Group, along with its affiliate and joint-venture partner, Limestone Asset Management, have purchased the mixed-use retail and office property, Pinecrest Town Center, in Pinecrest, FL.
The property, located at 12651 S. Dixie Highway, was acquired for $32 million.
The entire site encompasses 225,255 land square feet and the property encompasses 94,175 square feet; comprised of 60,484 square feet of retail space and 33,691 square feet of office space.
Built in 1985 and renovated in 1994 and 2004, Pinecrest Town Center is currently 82.6% leased to tenants, such as Sage Dental, EWM, Coldwell Banker, Anacapri Italian Restaurant and Sea Siam.
Limestone Asset Management is assuming an existing mortgage on the property.
The seller in the transaction was represented by Jones Lang LaSalle Americas Inc.
“Pinecrest Town Center is a popular local center with tremendous value add potential in a booming area,” says Ibrahim Al-Rashid, chairman of Limestone Asset Management. “We are very pleased to have closed on this property in the upscale suburb of Pinecrest.”
“Pinecrest is one of the most affluent neighborhoods in Florida, and it has a massive upward trajectory,” says Kevin J. Sanz, president of Orion Real Estate Group. “Pinecrest Town Center is situated in the heart of this area, and we are excited for the long-term growth and appreciation potential of this market.”