Limestone, Orion JV Purchase Miami Retail for $70M
Limestone Asset Management in a joint venture with Orion Real Estate Group purchased Colonial Palms Plaza, located in the Pinecrest area at 13601–13621 S Dixie Highway, Miami, FL, 33176, for $70 million.
The 188,389-square-foot property encompasses seven buildings and 29 tenants, including Marshalls, HomeGoods, PetSmart, Old Navy, Party City, Five Below, Visionworks, CycleBar, Panera Bread, Miller’s Ale House, and more.
Kevin Sanz, president of Orion Real Estate Group, led the buyer group. Eric Williams of JLL represented the seller, MetLife Investment Management. Goldman Sachs is providing financing for the purchase.
Limestone Asset Management invests in and acquires real estate properties over all asset classes throughout North America. In March 2021, Limestone and Orion closed on Pinecrest Town Center, approximately one mile away from Colonial Palms Plaza for $32 million. Located at 12651 South Dixie Highway, Pinecrest, FL 33156, Pinecrest Town Center is a mixed-use retail and office property. In September 2022, Limestone began a $4 million renovation of the property, with a slated completion date of Q2 2023.
