REBusinessOnline

CREC Capital Purchases Retail Center Near Miami for $62.3M

Homestead Pavilion was fully leased at the time of sale to tenants including Ross Dress for Less, T.J. Maxx, Old Navy, Michaels, Petco, Five Below, Bed Bath & Beyond, Panera Bread, Planet Fitness and Olive Garden.

HOMESTEAD, FLA. — CREC Capital has purchased Homestead Pavilion, a 302,346-square-foot retail center in Homestead, for $62.3 million. The property is situated on 42.1 acres and includes a six-acre site for future development. CREC Capital plans to hold the undeveloped portion of the property for the long-term and develop the site in the future. The center is located near the Florida Turnpike and was fully leased at the time of sale to tenants including Ross Dress for Less, T.J. Maxx, Old Navy, Michaels, Petco, Five Below, Bed Bath & Beyond, Panera Bread, Planet Fitness and Olive Garden. Casey Rosen, Dennis Carson and Paul Ahmed of CBRE represented the seller, RVT Homestead Pavilion, in the transaction.

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