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Dividend Capital Pays $66M for Florida Retail Center
Denver-based Dividend Capital Diversified Property Fund acquired the 82,000-square-foot Suniland Shopping Center in Pinecrest, FL. The buyer paid $66.5 million to Miami Beach-based Terranova Corp. for the retail property.
Suniland is on 7.1 acres on Dixie Highway in the Miami suburb. The center is approximately 94% leased to 27 tenants, including CVS and Citibank. Terranova had acquired the property in two transactions in the mid-1990s for a total of $10.4 million.
“Suniland sits at the front door to one of the most powerful trade areas in the entire southeast with outstanding demographics and substantial barriers to entry. We look forward to continuing Suniland’s long history as one of the top performing urban retail centers in south Florida,” commented Greg Moran, DPF’s executive vice president. Mark Gilbert of Cushman & Wakefield brokered the deal.
- ◦Financing
- ◦Sale/Acquisition
