Federal Realty Investment Trust of Rockville, Maryland, announced an acquisition in a South Miami mixed-use center based on a $110.2 million gross value — bringing the company’s total local investment to approximately $200 million
The Shops at Sunset Place, a 515,000-square-foot development on 10 acres at the intersection of U.S. Highway 1, Red Road and Sunset Drive, lies solidly within the thriving South Miami commercial district.
With its purchase of an 85 percent interest in The Shops at Sunset Place, acquired with local market partners Grass River Property and the Comras Co., the trust expressed satisfaction with the center’s location in a highly affluent area.
"As Miami becomes an increasingly urban and dense market, walkable, authentic neighborhoods like Coconut Grove and South Miami are becoming increasingly attractive destinations to live, work, shop, dine and be entertained," Dawn Becker, Federal Realty’s executive vice president, mixed-use division, said. "Sunset Place presents a compelling opportunity to create value … integrating it with the vibrant streets that border the property, adding new tenants and delivering a mix of uses that meet the demand of the affluent, year-round communities it serves."
Along with office space and parking facilities, retail attractions at the center include AMC Theaters, LA Fitness, Barnes & Noble, Forever 21, Splitsville and Z-Gallerie. Area business leaders and partners in the transaction complimented the center’s accessibility, functional blending into the community, and appeal to the surrounding population.
"The Shops at Sunset Place was always envisioned to provide a pedestrian friendly, streetscape environment, as an extension of South Miami's "Main Street" Sunset Drive," Comras Co. Chief Executive Officer Michael Comras said. "With the right vision, balanced approach and creative thinking, The Shops will complement the area's popular restaurants, cafes and boutiques while becoming a vital retail anchor ... We are looking forward to working closely with all to improve and evolve this vision together."
Tom Roth, principal at Grass River Property said, South Miami is one of the best urban nodes in Miami-Dade County.
"It is walkable, with transit at its doorstep and has a well balanced mix of commercial and residential uses,” he said.