Florida & Gulf Coast + South Florida + Retail | January 10, 2023

Limestone Asset Management and JV partner Orion Real Estate Group have acquired the Colonial Palms Plaza retail center in Miami, FL for $70.5 million.

Limestone Asset Management, Orion Real Estate Spend $71M on Second Pinecrest Retail Center

Miami, FL-based Limestone Asset Management, via a joint venture with Orion Real Estate Group, has purchased Colonial Palms Plaza retail center in the Pinecrest neighborhood of Miami for $70.5 million.

Eric Williams of JLL represented the seller, an MetLife Investment Management-advised client. Goldman Sachs is providing financing for the purchase.

The 188,389-square-foot property on S Dixie Highway encompasses seven buildings and 29 tenants, including Marshalls, HomeGoods, PetSmart, Old Navy, Party City, Five Below, Visionworks, CycleBar, Panera Bread and Miller’s Ale House.

“Colonial Palms Plaza is located in a strong submarket with incredibly high barriers to entry,” said Kevin Sanz, president of commercial real estate services firm Orion Real Estate Group.

Limestone Asset Management and Miami-based Orion Real Estate Group also own Pinecrest Town Center, which sits one mile from Colonial Palms Plaza and was purchased for $32 million in March of 2021.

Photo courtesy Joe Blazejack

Connect

Inside The Story

Orion Real Estate Group's Sanz

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

Order Reprints