9 East 40th Street
New York, New York 10016
212.679.1222
www.cohenco.com
COHEN REAL ESTATE BROKERS SELL 93,800 SQUARE FOOT MIXED-USE RETAIL
AND OFFICE PROPERTY IN PINECREST, FLORIDA
NEW YORK, APRIL, 2015 — Cohen Real Estate (CRE), headquartered
in New York, has announced the sale of Pinecrest Town Center, a
93,800 square foot mixed-use retail and office building in Pinecrest,
Florida. The property sold for a 6.3% cap rate, $32,000,000, $342
per square feet. This is spectacular even in this time of low interest
rates as it is an unanchored mixed-use property.
Helen Putterman, President of Cohen Real Estate, Ric Kaiser, Senior
Managing Director and Vera Thomas, Senior Managing Director
represented the seller, a New York City private investor and Helen
Putterman represented the buyer, Cofe Properties, a privately held
Real Estate Development and Investment Company based in South
America and Miami, Florida.
The seller was represented by Michael Lefkowitz and Patricia Cleary
of the law firm of Rosenberg & Estis, P.C. and the buyer was
represented by Luis A. de Armas of the law firm of Shutts & Bowen,
LLP, Miami, Florida.
Pinecrest Town Center is a mixed-use unanchored retail and office
property with a diverse roster of tenants. The property has many
successful tenants, each complimenting one another in both the
office and the retail components. This core location on South Dixie
Highway is one of Miami-Dade County’s best retail and office
locations. Pinecrest Town Center is a one-of-a-kind asset in that it is
uniquely positioned as the only strong class “B” office building along
the three mile stretch of South Dixie Highway between The
Dadeland Mall and The Falls Mall.
The buyer secured a great opportunity to purchase a 91% leased
property in a high density market with a varied mix of tenants. The
New York based partnership that sold the property has been selling
some of their out of state properties in order to continue their
strategy of investing locally in New York City.
SOLD
For additional information about this deal or any
other properties for sale, contact:
Helen Putterman at (212) 803-5776
[email protected]
Ric Kaiser at (212) 803-5777
[email protected]
Vera Thomas at (212) 803-5771
[email protected]