A MetLife Investment Management advised-client has sold Colonial Palms Plaza, a 188,389-square-foot, high-performing retail center located in Palmetto Bay, Fla.
An entity controlled by Orion Real Estate Group and Limestone Asset Management acquired the asset for $70 million.
Institutionally managed by a single owner for nearly 30 years, Colonial Palms Plaza is a 97.3-percent-occupied shopping center leased to an impressive roster of leading national retailers, including Marshalls/HomeGoods, PetSmart, Old Navy, Five Below, Party City and Panera Bread, along with high-profile outparcels, including Visionworks, Millers Ale House and Checkers. The property receives approximately 2.4 million visits per year, and its tenants have a weighted average tenure of 22.8 years.
Situated at 13601 - 13621 S. Dixie Highway, the 15-acre property sits at the southeast corner of U.S. 1and 136th Street with a high barrier to entry. Its location allows the center to be visible to a
