Limestone, Orion Purchase Miami Retail Plaza for $71M

Limestone Asset Management and Orion Real Estate Group, closed on Colonial Palms Plaza, located in the Pinecrest area at 13601–13621 S Dixie Highway, Miami, FL, 33176, for $70.5 million via a joint venture.  The purchase reflects Limestone and Orion’s expansion in Pinecrest, a suburban village in Miami-Dade County, located south of downtown Miami and Miami International Airport.

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.

Eric Williams of JLL represented the seller, MetLife Investment Management. Goldman Sachs is providing financing for the purchase.

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 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.