Sale of The Shops at Sunset Place in Miami, Florida, closed by HFF
MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of The Shops at Sunset Place, a mixed-use lifestyle center anchored by a 24-screen AMC Theatre and multiple national retailers in Miami, Florida.
HFF marketed the property on behalf of the sellers, Simon Property Group, Inc. and Miller Capital Advisory. A partnership led by Federal Realty, Grass River Property and Comras Company purchased the asset. An existing loan was assumed as a part of the transaction.
The Shops at Sunset Place is a four-level, open-air lifestyle center with a 1,862-space, eight-level parking garage. The mixed-use center has retail and office space in addition to a multi-housing component that was not included in the sale. The center is anchored by the 24-screen AMC 24, Barnes & Noble, LA Fitness, GameTime, Forever 21, Splitsville and Z Gallerie. Other tenants of the 84-percent-leased center include Gap, Hollister, Express, American Eagle Outfitters, Buffalo Wild Wings, Panera Bread, Mellow Mushroom, Armani Exchange and Banana Republic. Situated on 10.36 acres at 5701 Sunset Drive in South Miami where U.S. 1 and Red Road intersect, The Shops at Sunset Place has more than 1,000 feet of frontage on U.S. 1, Sunset and Red Roads, all high traffic commercial corridors. Additionally, the center is surrounded by many of Miami’s most affluent residential neighborhoods.
The HFF team representing the seller was led by senior managing director Daniel Finkle and managing director Luis Castillo.
“The Shops at Sunset Place remains one of the premier mixed-use projects at an irreplaceable location in Miami,” Finkle said. “South Miami continues to be one of the most desirable commercial markets in South Florida, and The Shops at Sunset Place’s dominant position made this a coveted acquisition.”
About Simon Property Group, Inc.
Simon Property Group, Inc. (Simon) is a global leader in retail real estate ownership, management and development and a S&P100 company (Simon Property Group, NYSE:SPG). Simon’s industry-leading retail properties and investments across North America, Europe and Asia provide shopping experiences for millions of consumers every day and generate billions in annual retail sales. For more information, visit www.simon.com.
About Federal Realty Investment Trust
Federal Realty Investment Trust (NYSE: FRT) (Federal Realty) is a recognized leader in the ownership, operation and redevelopment of high-quality retail based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Founded in 1962, its mission is to deliver long term, sustainable growth through investing in densely populated, affluent communities where retail demand exceeds supply. Federal Realty’s expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty's 89 properties include more than 2,600 tenants, in approximately 20.2 million square feet of retail space and 1,500 residential units.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national 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.