|Last Updated Date||13 Jul 2020|
A 94,175 SF retail and office mixed-use property in the heart of Pinecrest, FL--Miami's most affluent neighborhood. The Property is comprised of 60,484 SF of ground floor retail and a freestanding 4-story office building totaling 33,691 SF.
JLL is pleased to exclusively offer the opportunity to acquire Pinecrest Town Center, a value-add mixed-use property totaling 94,175 square feet and situated on a 5.24-acre site along Miami’s prime commercial corridor in the highly affluent and dense Village of Pinecrest. Originally developed in 1985, Pinecrest Town Center is in the midst of an economic transformation as legacy leases have started to roll to market rates allowing the owner to capture as much as a 63% premium in rental income. Currently 82.6% leased, the Property features a service and food-oriented line-up of well-established regional tenants with over 10-years of operation at the center. Executable near-term, value-add potential exists through the lease-up of the remaining 16,376 SF of available space with the opportunity to carefully curate high-traffic, demand generating tenants to the Property. Moreover, a new owner can significantly increase value through modernization with cost effective cosmetic upgrades which can yield substantial improvements in rent given the 40% higher retail lease rates at nearby centers.