HFF closes $38.575 million sale of and secures $27 million in financing for Kendall Corners retail center in Miami
ORLANDO, FL – March 8, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $38.575 million sale of and secured $27 million in acquisition financing for Kendall Corners, a 97,189-square-foot community retail center anchored by Ashley Furniture HomeStore in Miami, Florida.
HFF arranged the sale on behalf of the seller, Orion Real Estate Group. MMG Equity Partners purchased the asset free and clear of existing debt. Additionally, HFF, working on behalf of the new owner, placed a fixed-rate loan with a correspondent life insurance company.
Completed in 1974, Kendall Corners was most recently renovated in 2001 and comprises two multi-tenant buildings in addition to one outparcel pad occupied by BankUnited. Anchored by Ashley Furniture HomeStore, the 92.8-percent-occupied center is home to a variety of national and regional tenants, including Baptist Health, Phenix Salon, IHOP and Mattress Firm. Situated on 8.3 acres at 12755 North Kendall Drive, Kendall Corners is positioned on the block between SW 127th and SW 132nd Avenues, exposing the center to a combined 98,500 vehicles per day. The center is on the “going home” side of Kendall Drive for residents commuting west from the Florida Turnpike, which is less than one mile from the property. Located in the Kendall submarket of Miami-Dade, more than 209,458 residents earning an average annual income of $72,296 live within a three-mile radius of Kendall Corners.
The HFF investment sales team was led by senior managing director Brad Peterson and associate directors Whitaker Leonhardt and Eric Williams.
The HFF debt placement team was led by senior managing director Chris Drew and director Scott Wadler.
“The Kendall submarket in Miami continues to be one of the strongest retail markets in southeast Florida, driven by the tremendous population density, nearby employment drivers, favorable household incomes and high traffic counts,” Peterson said. “Kendall Corners is uniquely positioned as an asset with a strong and stable tenant base with ideal future upside.”
About Orion Real Estate Group
Established in 1978, Orion Real Estate Group is a full service commercial real estate firm with offices in Miami and Orlando that acquires and manages retail commercial real estate throughout North America. The company also provides consulting services to national and international buyers of commercial real estate. With a fully integrated and comprehensive platform, Orion Real Estate group has handled more than $2.5 billion in transactions and manage a portfolio exceeding $500 million. Visit orionmiami.com for more information.
About MMG Equity Partners
> MMG Equity Partners (MMG) is a privately-owned real estate investment company based in Miami, Florida. MMG is focused on the long-term ownership, management, development, and acquisitions of shopping centers throughout Florida. To learn more, visit mmgequitypartners.com.
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.