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]
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