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MIAMI-The 211,969-sf South Dade Shopping Center in Miami-Dade County has been sold for $23.9 million, or approximately $112.75 per sf. Woolbright Pembroke Ltd., an entity controlled by Woolbright Development Inc. of Boca Raton, purchased the shopping center from a limited liability company controlled by Schiff-Turnberry Properties.

The shopping center is located on the southeast corner of South Dixie Highway and Eureka Drive (Southwest 184th Street) in the Cutler Ridge section of southern Miami-Dade County, an area that is seeing significant residential growth.

“South Dade Shopping Center will continue to flourish since it is located in what is, and will continue to be, one of Miami-Dade’s main residential growth corridors for the foreseeable future,” according to Mark Gilbert, one of the brokers representing the seller in the transaction. Gilbert is senior director of financial services in Cushman & Wakefield’s local office.

“The area between Cutler Ridge and Homestead contains the bulk of Miami-Dade’s remaining prime residential acreage for single-family development. Fueled by Miami-Dade’s population growth, residential development in this area has gained steam over the past decade and undoubtedly will continue. This makes the area’s existing retail properties, such as South Dade Shopping Center, very attractive retail investment opportunities,” he adds.

South Dade Shopping Center was built in 1984 and received a substantial renovation in 1993 after Hurricane Andrew. The property’s primary anchor tenants are a 39,943-sf Publix, an eight-screen AMC Theater, Harbor Freight & Tools and Chuck E. Cheese’s. The tenant roster includes a large number of national stores.

“The motivations of seller and buyer in this transaction are very clear,” explains Adam Feinstein, director of financial services in C&W’s local office, who also represented the seller in the transaction. “Schiff-Turnberry acquired the property two years ago with the intent of quickly stabilizing the asset to facilitate a sale. It has done a terrific job raising the occupancy in a short period of time, which has allowed it to capitalize on today’s exceptionally strong investment market.”

Feinstein adds, “Woolbright now has the opportunity to take the property to the next level by leasing the remaining vacant space and adding value by expanding the center. The buyer’s principals are well-acquainted with this asset, given that they successfully redeveloped the center following Hurricane Andrew. Consequently, they are strong believers in the asset and in the market.”

Investor interest in this property was strong because of the Publix anchor and “the growth prospects of the immediate trade area,” Gilbert says.

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