X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MIAMI-In a deal valued at $120 million, New York-based Thor Equities acquired two retail centers in South Florida from Transwestern, a Chicago-based advisory firm. The two properties–the 455,000-sf CocoWalk in Coconut Grove section of the city and the 272,000-sf Beach Place in Fort Lauderdale–total 727,000 sf.

“The properties mirror what we’re looking for,” Thor Equities’ director of corporate marketing Carl Reggie tells GlobeSt.com. “Our focus is ethnic urban markets. We’re always cultivating new deals and we try to foster a deal before it comes to market and we were fortunate these properties were available.”

CocoWalk is home to eight restaurants and bars as well as national retailers such as Banana Republic, B. Dalton Booksellers and the Gap. The complex–which was built in 1990 and expanded in 1999–also features a 16-screen AMC Theater multiplex. The center consists of approximately 195,000 sf of retail space and an approximately 260,000-sf parking garage.

Beach Place, located on Route A1A, is a multi-level center that features entertainment and restaurant tenants. It was built in 1997 and is home to Fat Tuesday, Max’s Beach Grill, Hooters of Beach Place and Café Iguana. The center consists of approximately 95,000 sf of retail space and an approximately 177,000-sf parking garage.

There are currently no specific plans to redevelop the centers, which have occupancy levels in the high 80% to low 90% range, according to Reggie. “I think the properties are in pretty good shape but I do know our approach is to refurbish wherever we can if need be and I do know that we’ve been in touch with tenants through our other projects that we would love to establish in these properties as well,” he adds.

The acquisitions are the first for the company in the South Florida market; however, Thor Equities is not targeting specific regions. “Our focus isn’t so much in a certain geographical area,” Reggie adds. “We definitely intend to be nationwide and our approach is to be in urban ethnic markets throughout the country.”

Thor Equities is a national development and redevelopment company that specializes in urban real estate projects and public/private partnerships. The company has purchased properties in New York, Chicago, Florida, New Orleans, Philadelphia, Atlanta, Detroit, Norfolk, VA and Puerto Rico.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.