Limestone Asset Management, Orion Real Estate Spend $71M on Second Pinecrest Retail Center

Miami, FL-based Limestone Asset Management, via a joint venture with Orion Real Estate Group, has purchased Colonial Palms Plaza retail center in the Pinecrest neighborhood of Miami for $70.5 million.

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

The 188,389-square-foot property on S Dixie Highway encompasses seven buildings and 29 tenants, including Marshalls, HomeGoods, PetSmart, Old Navy, Party City, Five Below, Visionworks, CycleBar, Panera Bread and Miller’s Ale House.

“Colonial Palms Plaza is located in a strong submarket with incredibly high barriers to entry,” said Kevin Sanz, president of commercial real estate services firm Orion Real Estate Group.

Limestone Asset Management and Miami-based Orion Real Estate Group also own Pinecrest Town Center, which sits one mile from Colonial Palms Plaza and was purchased for $32 million in March of 2021.

Photo courtesy Joe Blazejack