Benderson Development Acquires Grocery-Anchored Shops At Midtown Miami For $83.8 Million

The property asset involved in the transaction is the grocery-anchored Shops at Midtown Miami, located at 3401 North Miami Avenue in Miami. The sale price for the property was $83,800,000, and it encompasses 347,740 square feet on 18 acres of land. The property was reported to be 98.3% leased with tenants that include Target and Ross.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $83,800,000
• Address: 3401 North Miami Avenue
• Market: Miami
• Square Footage: 347,740
• Price Per Square Foot: $241
• Buyer: Benderson Development
• Seller: David R. Lukes - Site Centers
• Broker Representatives: Danny Finkle, Eric Williams, Jorge Portela & Kim Flores - JLL

Benderson Development acquired the property, representing its first sale in this market. Site Centers, the seller, originally purchased the property for $38.5 million in 2004. The transaction was facilitated by JLL, underscoring the collaboration among key industry players in this deal.