MIAMI-New Orleans-based PMAT Real Estate Investments LLC has acquired CocoWalk, a 200,000-sf outdoor shopping mall at 3015 Grand Ave. in Coconut Grove, for $87 million. The seller was Thor Gallery at CocoWalk, LLC, a unit of New York City-based Thor Equities.
The buyer plans to spend $5 million on capital improvements to the property, including a complete repainting, new store fronts, a new roof, the repair and replacement of all tile flooring, the refurbishing of the garage and upgraded outdoor lighting and new landscaping. "CocoWalk is a landmark asset in a great location, with some of the best brand name stores and restaurants in Miami," says PMAT principal Robert Whelan. "We plan to give it a little TLC and restore it to its original condition so that Coconut Grove residents and visitors will again utilize the property as the village's town center."
In addition, the property will have a new management, marketing and leasing team. Property One, Inc., headed by Paul Dastugue III, will assume overall property management with Robert Elsdunne in charge of the local property management team. PMAT CocoWalk LLC director of marketing Love Ondusko-Levy will handle marketing efforts.
Among plans for the property are to enhance leasing efforts. Mia Stierheim, of Miami-based Colliers Abood Wood-Fay, will serve as the leasing agent. Current tenants for the property include the Gap, Victoria's Secret, FYE, Cheesecake Factory, Hooters and an AMC 16-screen theater.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.