MIAMI—Dadeland Square is showing its strength with lenders. COFE ZM Dadeland just closed the sale and financing of the mixed-use retail and office center in Miami.
HFF marketed the retail asset for the seller, The Green Companies. The buyer hired HFF to arrange financing through JP Morgan Chase & Co.
“Dadeland Square's prominent location, outstanding visibility, and successful tenancy are the driving forces behind its exceptional past and will be the key ingredients for the new owner's long-term success,” Luis Castillo, a managing director at HFF, tells GlobeSt.com. Castillo worked with senior managing director Danny Finkle and director Ike Ojala on the deal.
Dadeland Square is located at 7700 North Kendall Drive in Miami. The property is sits within the most densely-developed area south of Downtown Miami, near the Simon-owned Dadeland Mall. Spanning 214,357 square feet that is 95% occupied. Anchor tenants include TJ Maxx, HomeGoods, Jo-Ann Fabric, and Guitar Center.
“Dadeland Square was a highly sought-after opportunity and reflects investors' desire to acquire well-located assets backed by strong retailer and office tenant performance,” Castillo says. HFF's debt placement team representing the buyer was led by senior managing director Paul Stasaitis and senior analyst Nat Scarmazzi.
“The Dadeland Square asset, coupled with highly regarded sponsorship, yielded outstanding finance terms and lender interest,” says Stasaitis. “Driven by strong residential demand, the Dadeland submarket's retail and office sectors only stand to benefit further from already-impressive rental and occupancy levels.”
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