Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
I accept the confidentiality agreement
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I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Year Built 1985
Building Area
Occupancy 83.0 %

Property Description

A 94,175 SF retail and office mixed-use property in the heart of Pinecrest, FL--Miami's most affluent neighborhood. The Property is comprised of 60,484 SF of ground floor retail and a freestanding 4-story office building totaling 33,691 SF.

Investment Highlights

JLL is pleased to exclusively offer the opportunity to acquire Pinecrest Town Center, a value-add mixed-use property totaling 94,175 square feet and situated on a 5.24-acre site along Miami’s prime commercial corridor in the highly affluent and dense Village of Pinecrest. Originally developed in 1985, Pinecrest Town Center is in the midst of an economic transformation as legacy leases have started to roll to market rates allowing the owner to capture as much as a 63% premium in rental income. Currently 82.6% leased, the Property features a service and food-oriented line-up of well-established regional tenants with over 10-years of operation at the center. Executable near-term, value-add potential exists through the lease-up of the remaining 16,376 SF of available space with the opportunity to carefully curate high-traffic, demand generating tenants to the Property. Moreover, a new owner can significantly increase value through modernization with cost effective cosmetic upgrades which can yield substantial improvements in rent given the 40% higher retail lease rates at nearby centers.
Last Updated Date: 13 Jul 2020
Danny Finkle
Danny Finkle
Senior Managing Director, Miami Office Co-Head, Retail Group Leader
License details
FL-SL3043501
Luis Castillo
Luis Castillo
Managing Director, Capital markets
License details
SL3203377

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Last Updated Date: 13 Jul 2020

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