MIAMI — London Square, a 299,103-square-foot mixed-use property located in Miami, has traded in a $95.25 million deal. The buyer was RREEF, acting on behalf of a foreign client. The seller was an affiliate of Boca Raton, Fla.-based Woolbright Development. The deal was brokered by the National Retail Investment Group Florida Team at CB Richard Ellis.
London Square is situated at the intersection of 137th Avenue and 120th Street. It consists of a 238,438-square-foot retail center and a 60,665-square-foot office building. The property is currently 99 percent leased by a tenant roster that includes Dollar Tree, Miami Children's Hospital, Party City, Ross Dress for Less, Sergio's, Starbucks and Tj Maxx/Homegoods. London Square also contains a 150,535-square-foot Costco that was not included in the sale.
“The London Square sale is the largest transaction involving an open-air shopping center in Florida since 2008,” said Casey Rose, senior vice president for CB Richard Ellis, in a statement. “The buyer was interested in a stable, core-quality investment involving excellent real estate and London Square met that criteria. More broadly, the transaction solidly confirms that institutional capital has regained enough confidence in the market to make a major investment in Florida retail property.”
— Coleman Wood