The Greenery Mall, also known as Dadeland Square, a mixed-use landmark located at 7700 North Kendall Dr. in Miami, was acquired by Dadeland Greenery L.P., from Cofe ZM Dadeland LLC for $58 million subject to assumption of an existing $39 million mortgage.
Ownership aims to enhance the property’s potential and optimize its prime location on Kendall Drive and the Palmetto Expressway, just west of Dadeland Mall.
The 8.38-acre property is presently comprised of 129,585 square feet of prime street level retail attached to an eight-story 84,913-square-foot suburban office building with 743 parking spaces. Major retail tenants include T.J. Maxx, HomeGoods, Guitar Center, JoAnn Fabric, Mattress Firm, Starbucks, Don Pan, UPS and Jamba Juice.
“Based on its attributes, the land offers significant long-term redevelopment opportunities,” said Joseph Sanz, co-manager of the general partner of Dadeland Greenery L.P. and Orion Capital Partners LLC, the project’s sponsor.
“As one of South Florida’s first true mixed-use projects, the Greenery was ahead of its time, and we intend to leverage its unique design, zoning and location to create a truly vibrant and prosperous hub for tenants and the community,” said Kevin Sanz, co-manager of the general partner of Dadeland Greenery and president of Orion Real Estate Group. “With a focus on enhancing the overall tenant and guest experience, we plan to integrate a variety of exciting, modern, and diverse retailers, restaurants and entertainment options.”
Orion Real Estate Group will manage the property and lease the retail space in cooperation with other brokers and tenant representatives. Fairchild Partners will continue to lease the office building.
Danny Finkle, Eric Williams, Jorge Portela, Ike Ojala and Kim Flores of the Miami office of Jones Lang LaSalle Americas, Inc. represented the seller, and John Crotty and Michael T. Fay of the Miami office of Avison Young consulted with both parties on the transaction.