MIAMI—The Dixie Center, a retail property at 30200-30394 Old Dixie Highway in Homestead, FL, just traded hands. A Canadian investor acquired the Winn-Dixie-anchored shopping center sold for a bargain price: $9 million.
Franklin Street real estate investment associate Pete Crane, regional managing partner for South Florida Greg Matus, and director of investment sales Robert Granda represented the seller. Noble Properties of Palm Beach Gardens acquired the retail asset.
“As one of the county’s oldest suburbs, Homestead is unique,” Crane tells GlobeSt.com. “There has been substantial overall growth in the past few years. Homestead now has a brand new hospital, which was followed by new residential communities, new hotels and as of late has brand new and renovated retail developments. The supply is trying to catch up to the demand, from single-tenant buildings to grocery-anchored shopping centers.”
A private investor from Canada inked a CMBS loan as part of the transaction. FM Capital sourced the CMBS loan for the buyer. Franklin Street’s insurance services team arranged insurance. The firm is also handling all leasing and management at the Dixie Center site.
“We are seeing increased interest from Canadian investors in South Florida commercial real estate, not just retail,” Crane says, noting that the buyer on the Winn-Dixie deal is aggressively looking for additional commercial real estate investments in South Florida. “Facing a decline in the Canadian dollar, those investors are seeking creative financing solutions for their acquisitions.”
Originally built in 1985, Dixie Center features a mix of retailers, including anchor tenants Winn-Dixie and Family Dollar. The center is 93% leased. The sale included three outparcels totaling 2.7 acres. Dixie Center was renovated in 2001, with more recent improvements made to the 13.74-acre site’s landscaping, parking lots, building exteriors, and lighting.
Want to learn more about Miami’s Shift Away From Suburban Malls? Read my recent Q&A with a Federal Realty Investment Trust leader.