Core Pays $45M For West Kendall Shopping Center

Core paid $44.8 million for a fully leased, grocery-anchored shopping center in West Kendall.

The Miami-based retail real estate investment firm picked up Deerwood Town Center, a retail complex spanning more than 205,000 square feet at 11905 Southwest 152nd Street and 12107 Southwest 152nd Street, according to a press release. Core, led by managing principals Adam Greenberg and Michael Lapointe, paid about $218 a square foot for the center.

The seller is an affiliate of Courtelis Company, a Miami-based real estate investment firm led by CEO Elias Vassilaros, records show.

A JLL team led by Danny Finkle and Eric Williams brokered the sale of Deerwood, a fully leased shopping center anchored by a Fresco y Mas grocery store and a Home Depot store, the release states. Other tenants include Amped Fitness, Pet Supermarket and TD Bank.

An outparcel building occupied by Fresco y Mas was completed in 1985 and the 140,000-square-foot center housing Home Depot was built in 2006, records show. Courtelis developed Deerwood, the release states.

It’s a seller’s market for grocery store-anchored shopping centers in South Florida. Last month, Barry Sternlicht’s Starwood Property Trust sold Grove Market in Westlake for $19.5 million, or $253 a square foot. The 77,000-square-foot shopping center is anchored by a Winn-Dixie store that signed a long-term lease last year.

Also in September, a joint venture between Pebb Enterprises and Banyan Development sold Mainstreet at Boynton in Boynton Beach for $19.5 million in a deal that also equated to $253 a square foot. Mainstreet at Boynton is anchored by a Sprouts supermarket.

In August, Weston-based commercial real estate investor Beth Azor cashed out of an Aldi-anchored shopping center in Plantation for $22.5 million. The buyer, Madrid-Miami investment firm Azora Exan, paid roughly $316 per square foot.

Core owns more than 2.5 million square feet of retail real estate in Florida, according to the firm’s website. In Miami-Dade, Core owns five shopping centers in Hialeah, Miami and South Miami and a Coral Gables medical office building.

Contact Francisco Alvarado