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Miami’s Colonial Palms Plaza Sells for Nearly $71 Million

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

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.