Franklin Street announces the sale of the Dixie Center retail property at 30200-30394 Old Dixie Highway in Homestead for $9 million. The Franklin Street Investment Sales team of Pete Crane, retail investment associate, Greg Matus, regional managing partner of South Florida, and Robert Granda, director of investment sales, exclusively listed the property on behalf of the seller, Noble Properties of Palm Beach Gardens. The transaction closed February 16.
The buyer, a private investor from Canada, obtained a commercial mortgage-backed securities (CMBS) loan as part of the transaction. FM Capital sourced the CMBS loan for the buyer.
Franklin Street’s Insurance Services team arranged insurance for the buyer. The firm is also handling all leasing and management at the Dixie Center site and was the only brokerage involved in the deal.
The buyer is aggressively looking for additional commercial real estate investments in South Florida.
“We are seeing increased interest from Canadian investors in South Florida commercial real estate – not just retail,” Crane said. “Facing a decline in the Canadian dollar, those investors are seeking creative financing solutions for their acquisitions.”
“As a full-service commercial real estate firm, we are able to leverage our many business lines to make transactions like the Dixie Center sale possible,” Matus said. “The added value we provide to our clients through a full-service approach is a major reason why we are one of the fastest-growing firms in the Southeast.”
Originally built in 1985, Dixie Center features a diverse group of retailers including anchor tenants Winn-Dixie and Family Dollar. The center is currently 93 percent leased. The sale included three outparcels totaling 2.7 acres.
Dixie Center was substantially renovated in 2001. More recently, improvements were made to the 13.74-acre site’s landscaping, parking lots, building exteriors and lighting.
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