High-performing Miami shopping center trades for $70M to Orion and Limestone Asset Management

MIAMI, Jan. 3, 2022 – JLL Capital Markets announced today that it has closed the $70 million sale of Colonial Palms Plaza, a 188,389-square-foot, high-performing retail center located in Palmetto Bay, Florida.

JLL represented the seller, a MetLife Investment Management advised-client. An entity controlled by Orion Real Estate Group and Limestone Asset Management acquired the asset.

Institutionally managed by a single owner for nearly 30 years, Colonial Palms Plaza is a 97.3-percent-occupied shopping center leased to an impressive roster of leading national retailers, including Marshalls/HomeGoods, PetSmart, Old Navy, Five Below, Party City and Panera Bread, along with high-profile outparcels, including Visionworks, Millers Ale House and Checkers. The property receives approximately 2.4 million visits per year, and its tenants have a weighted average tenure of 22.8 years.

Situated at 13601 - 13621 S. Dixie Highway, the 15-acre property sits at the southeast corner of US-1 and 136th Street with a high barrier to entry. Its location allows the center to be visible to approximately 92,800 vehicles per day. Additionally, the property benefits from a population of 101,637 and an average household income of $149,442 within a three-mile radius.

The JLL Capital Markets team was led by Senior Managing Director Danny Finkle, Senior Directors Eric Williams and Jorge Portela and Vice President Kim Flores

“Large format retail centers along US-1 in Miami are far and few between and highly coveted by the highest quality retailers and restaurants,” said Finkle. “Rarely do these centers trade hands, and as a result, Colonial Palms was highly sought after by the industry’s leading investors.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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MetLife Investment Management, the institutional asset management business of MetLife, Inc. (NYSE: MET), is a global public fixed income, private capital and real estate investment manager providing tailored investment solutions to institutional investors worldwide. MetLife Investment Management provides public and private pension plans, insurance companies, endowments, funds and other institutional clients with a range of bespoke investment and financing solutions that seek to meet a range of long-term investment objectives and risk-adjusted returns over time. MetLife Investment Management has over 150 years of investment experience and, as of September 30, 2022, had $571.2 billion in total assets under management.

Orion Real Estate Group provides commercial real estate services to investment clients around the world. Since its founding in 1978, the firm has been involved in more than $4 billion in transactions and holds a portfolio exceeding $800 million. Its headquarters are located at 200 S. Biscayne Blvd, 7^th floor, Miami, FL 33131. For more information, visit https://orionmiami.com/ or call (305) 278-8400 or 1-888-255-4502.

Miami-based Limestone Asset Management was founded in 2010 and invests in and acquires real estate properties over all asset classes throughout North America. For more information, visit https://orionmiami.com/our-affiliates/.