Miami’s Colonial Palms Plaza Sells for Nearly $71 Million
The 188,389-square-foot property encompasses seven buildings and 29 tenants
Miami-based Limestone Asset Management and Orion Real Estate Group recently purchased Colonial Palms Plaza at 13601–13621 S. Dixie Highway in Miami for $70.5 Million. Limestone Asset Management, which invests in real estate properties throughout North America, remains committed, along with Orion, to expand its investments in the Pinecrest area, a suburban village in Miami-Dade County, one of Florida’s most affluent neighborhoods. The retail property is home to a Marshalls, HomeGoods, PetSmart, Old Navy, Party City, Five Below, Visionworks, CycleBar, Panera Bread, Miller’s Ale House and more.
“With the purchase of Colonial Palms Plaza, we are pleased to continue expanding our holdings in the upscale area of Pinecrest,” Ibrahim Al-Rashid says, chairman of Limestone Asset Management. “This purchase confirms our commitment to the South Dixie corridor.”
Kevin Sanz, president of Orion Real Estate Group, led the buyer group, Orion Colonial Plaza LLC. Eric Williams of JLL represented the seller, MetLife Investment Management. Goldman Sachs is providing financing for the purchase.
“Colonial Palms Plaza is located in a strong submarket with incredibly high barriers to entry,” Sanz says. “This was an amazing execution by our team, and we are excited to acquire this high-performing center with a superior national tenant roster.”
In March 2021, Limestone and Orion closed on Pinecrest Town Center, approximately one mile from Colonial Palms Plaza, for $32 million. Located at 12651 S. Dixie Highway, Pinecrest Town Center is a mixed-use retail and office property. In September 2022, Limestone began a $4 million renovation of the property, with a slated completion date in the second quarter of 2023.
Photo credit: Joe Blazejack