Miami, Florida - Our Net Lease Properties news is from the growing and exciting area of Kendall. Kendall is a an unincorporated suburban Miami community in Miami-Dade County. A net leased property, known as London Square sold for approximately $95.23 million. The net leased property, London Square is an estimated 360,000-square-foot property. This net leased property is a mixed-use as it has a shopping center and a small office building. Woolbright Development Inc. sold the Investment Property to an institutional investment advisor RREEF. RREEF purchased the Miami-area property for an offshore client. Some reports are that the net leased property was purchased on behalf of Deutsche Bank's Asset Management division.
This prime leased retail shopping center and office complex was developed by Woolbright in 2008. This net leased property, London Square, has a unique mix of net leased Tenants. This net leased property is made up of 299,100 square-feet of commercial real estate in Kendall. The net leased Tenants include Ross Dress for Less, TJ Maxx and HomeGoods in anchor positions. This net lease property also has a 60,700 square-foot, three-story office building. This office building portion has a tenant roster with Miami Children’s Hospital.
This mixed-use net leased property sale is believed to be the largest transaction for an open air shopping center in Florida since the year of 2008. The retail shopping center portion also has net lease tenants, Party City, and Dollar Tree. The retail shopping center and office building investment property is situated at the intersection of SW 137th Avenue and SW 120th Street. The net lease property is ideally located in southwest Kendall. The net leased property acquisition was result of a $44.1 million commercial loan. The original commercial real estate project had Investment Property financing that was last amended in 2007, at the amount of $76 million.
The Office Building portion of the commercial real estate deal is also known as London Square Professional Center. A more detailed description of this is that it is a three (3) story Class "A" professional office building featuring a luxurious lobby and common area amenities. The entire Office Building third floor is dedicated to providing a professional business environment with suites ranging in size from 1,000 to 17,000 square feet for lease. This is a quality constructed leased Office building that would be perfect for a corporate headquarters. This Investment Property has amenities which include hurricane impact glass, state-of-the-art safety equipment, controlled access security, high-speed internet access and Class "A" standard office finishes. The London Square offers a variety of shopping, dining and banking options and has quickly become a widely used landmark for Kendall residents and visitors.
We have more net lease properties information on this property which starts with 2-3 million shoppers are expected to visit this retail shopping center on an annual basis. The TJ Maxx at this retail shopping center had their strongest opening in the state of Florida. Also, approximately 70,000 cars drive by this retail shopping center on a daily basis. The retail shopping center was approximately 90% occupied at closing. This net lease property occupancy rate is a score that is in line with the current retail market statistics in the Miami area. The Miami - Dade County retail shopping centers have the average vacancy rate at 10.7%.
This retail shopping center has a Starbuck's to get your hardcore coffee. Also this retail shopping center has Sergio’s Restaurant. Sergio's is a full-scale family restaurants for Cuban food and comfort food in South Florida. This net lease property is shadow-anchored by a Costco store that was not part of the deal. The separate portion with the Costco net leased property is a 150,500 square-foot freestanding building.
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