$44.85M sale of Miami grocery-anchored retail center closes

MIAMI, Oct. 6, 2022 – JLL Capital Markets announced today that it has closed the $44.85 million sale of Deerwood Town Center, a 205,853-square-foot, grocery and home improvement-anchored community shopping center.

JLL arranged the transaction between the seller, Courtelis Company, and the buyer, Core Investment Management.

The 100-percent-leased Deerwood Town Center is anchored by a strong-performing Fresco y Mas and Home Depot and also includes Amped Fitness, Pet Supermarket and TD Bank.

Situated at 12095 SW 152^nd St., Deerwood Town Center is located on the northeast corner of Coral Reef Drive and S.W. 122nd Avenue within Southwest Dade County. The center benefits from a population of 368,278 within a five-mile radius. Deerwood Town Center serves the Kendall, South Dade and Country Walk areas located in Southwest Dade, which are among the highest growth areas in the Metropolitan Miami area. The center offers direct access to the Florida Turnpike and is within three miles of other major roadways, such as State Road 874, South Dixie Highway (U.S. 1), Lindgren Road (S.W. 137th Avenue) and SW 117th Avenue. Additionally, the property is located across from the Zoo Miami.

The JLL Retail Capital Markets Investment Sales and Advisory team that arranged the transaction was led by Senior Managing Director and co-lead of JLL’s US Retail Capital Markets group Danny Finkle, Senior Director Eric Williams and Vice President Kim Flores.

“Opportunities to acquire high-quality grocery and home improvement-anchored centers in Miami are relatively scarce, and Deerwood Town Center has been owned by the original developer since the first phase was completed in 1985,” Finkle said.

“The strong investor demand for grocery-anchored centers has been well-documented, but a notable increase in interest for ethnic grocers is driving capital formation around acquiring retail centers like Deerwood Town Center,” added Williams.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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With 50 years’ experience, 2.5 million square feet of shopping center space and over 1500 residential units in Florida, Courtelis Company offers quality locations in a diverse product mix. Courtelis Company has developed over 5 million square feet of commercial properties, including such distinctive projects as the Waterside Shops in Naples, an award-winning specialty center anchored by Saks 5th Ave. and the Falls Shopping Center in South Dade County.

CORE is a private investor of retail properties located in primary and secondary MSA markets of Florida and the Southeast. CORE and its principals own and actively manage approximately 2,500,000 SF of properties throughout Florida and target experience-oriented properties with stable existing cash flow and upside potential through active management. CORE is vertically integrated with CPG leasing & management and handles all aspects of property oversight including on-site property management, engineering, maintenance, leasing, asset management and more. Outside of retail investments CORE has investments in technology, management (CPG) and other ancillary Real Estate ventures.