A partnership of Federal Realty Investment Trust, Grass River Property and Comras Co. has sold The Shops at Sunset Place, an urban, open-air lifestyle center with 514,690 square feet of retail and office space in Miami.
Midtown Development purchased it for $65.5 million.
Situated on 9.7 acres at 5701 Sunset Drive, The Shops at Sunset Place is centrally located in eastern Miami-Dade County along US 1 and surrounded by several of Miami’s most affluent communities, including South Miami, Coral Gables and Pinecrest. The immediate area includes demand drivers such as South Miami Hospital, the University of Miami and high-street retail along with the South Miami Metrorail Station, all of which contribute to consistent and strong traffic levels to the property.
The Shops at Sunset Place is 78 percent leased and home to a diverse mix of entertainment, restaurant, clothing, home goods and furniture tenants, including AMC Theaters, LA Fitness, Barnes & Noble, Gameti
