Orion Capital Pays $58M For Dadeland Retail And Office Site
Orion Capital Partners dropped $58 million for a retail plaza and office building near Dadeland Mall in Kendall.
An affiliate of Miami-based Orion assumed a $39 million mortgage as part of its acquisition of The Greenery Mall, formerly Dadeland Square, at 700 North Kendall Drive, according to records and Vizzda. The deal breaks down to $270 a square foot.
Completed in 1983, The Greenery Mall consists of a 129,585-square-foot shopping plaza, an 84,913-square-foot office building and a 743-space parking garage.
An Avison Young team led by John Crotty and Michael Fay represented the buyer and the seller. A JLL team led by Danny Finkle and Eric Williams also represented the seller, an affiliate of Kendall-based Cofe Properties.
In 2014, Cofe paid $56 million for the 8.4-acre mixed-use site, records show.
The Greenery Mall is currently 89 percent occupied, with a retail tenant roster that includes T.J. Maxx/HomeGoods, Mattress Firm, Starbucks and UPS, a press release states. Orion will manage the property and lease the retail plaza, while Miami-based Fairchild Partners will continue its role as leasing agent for the office building, the release states.
However, the mixed-use property “offers significant redevelopment opportunities” because the site is in an area eligible for density bonuses since it is near public transit terminals such as the Dadeland South Metrorail Station, Orion Executive Chairman Joseph Sanz said in a statement.
In the past three years, Orion has amassed 500,000 square feet of retail and office space in Dadeland and Pinecrest, the release states. Those deals include the Colonial Palms Plaza, a retail site with four outparcels in Pinecrest. Last year, Orion and its partner, Limestone Asset Management, paid $70.5 million for the 188,000-square-foot shopping center.
In 2021, Cofe sold another office-retail complex in Pinecrest to Orion for $32 million. Orion acquired Pinecrest Town Center, a 90,075-square-foot U-shaped plaza on 5.2 acres along U.S. 1.
Since it was founded in 1978, Orion has completed more than $7 billion in commercial real estate deals, and its nationwide and international portfolio exceeds $1 billion, the firm’s website states.
