Limestone, Orion Purchase Colonial Palms Plaza Shopping Center in Metro Miami for $70.5M

PetSmart is one of 29 tenants located at Colonial Palms Plaza in Pinecrest, Fla., approximately 20 miles outside of Miami.

PINECREST, FLA. — Limestone Asset Management and Orion Real Estate Group have purchased Colonial Palms Plaza, a 188,389-square-foot retail center located in Pinecrest, roughly 20 miles southwest of Miami. The joint venture, doing business as Orion Colonial Plaza LLC, acquired the property for $70.5 million. The property comprises seven buildings and 29 tenants, including Marshalls, HomeGoods, PetSmart, Old Navy, Party City, Five Below, Visionworks, CycleBar, Panera Bread and Miller’s Ale House. Kevin Sanz of Orion represented the buyers, and Eric Williams of JLL represented the seller, MetLife Investment Management, in the transaction. Goldman Sachs provided an undisclosed amount of acquisition financing to the joint venture.