DORAL, FLA. — Baltimore-based Continental Realty Corp. (CRC) has purchased CityPlace Doral, a 235,000-square-foot lifestyle retail center located at 8300 N.W. 36th St. in Doral, a western suburb of Miami. CRC financed the $87.5 million acquisition using funds from Continental Realty Opportunistic Retail Fund I LP, a related co-investment and a $58.3 million loan from a regional bank.
Danny Finkle and Jorge Portela of JLL represented the seller, PGIM Real Estate, in the transaction. Michael DiCosimo and Maddy McMillen of JLL’s Debt Advisory team arranged the acquisition loan.
The tenant roster at CityPlace Doral, which was 80 percent leased at the time of sale, includes The Fresh Market, Cooper’s Hawk, Anatomy Fitness, Carrot Express, Copper Blues Rock Pub & Kitchen, Kings Dining & Entertainment, CMX CineBistro, Kuba Cabana, Novecento and Tap 42.
Built in 2017, the center also includes a structured parking garage and a central plaza for events. CityPlace Doral is connected to The Flats, a 303-unit apartment community that is under separate ownership. With this acquisition, CRC owns 13 retail centers in Florida, including assets in Fort Myers, Lakeland, Lake Worth, Marco Island, Naples, Ocoee, Orlando and Seffner.