Shopping Center at 7700 N. Kendall Dr. Miami (Google Earth)
In what’s increasingly a rarity of the Miami real estate world, a local buyer has scooped up a shopping center for $56 million.
Cofe ZM Dadeland LLC, a company linked to Coral Gables-based COFE Properties, bought the 240,674-square-foot commercial property at 7700 N. Kendall Drive in Miami’s Kendall neighborhood. A few blocks from the landmark Dadeland Mall, the Greenery Mall is anchored by a Home Goods and Jo-Ann Fabric & Craft Store and includes a Guitar Center, Starbucks Coffee and Best Buy Mobile store amongst its national tenants. The complex also includes an office tower.
Cofe, which was active in South Florida’s last real estate cycle, said on its website it had sold all its properties in the region by 2007 after “sensing that the U.S. real estate market might have been slightly inflated.” Since then, the company has mostly focused on ventures in Brazil but began again snapping up Florida property in late 2011.
A Securities and Exchange Commission filing last October said Cofe has $60 million in two real estate investment funds and is looking to raise another $90 million. The company partly financed its latest purchase with a $42 million, 10-year loan from New York-based JPMorgan Chase Bank.
The seller was Kendall-77 Ltd., which is linked to Miami-based Green Cos. The deal closed July 23.
The South Florida Business Journal reported Green Cos. defaulted on its financial obligations for the Greenery Mall in 2008 when former anchor tenant Circuit City closed its doors. In spite of the chaotic banking environment following the financial crisis, Green Cos. refinanced in late 2010 into a $35 million two-tranche CMBS loan.
The Greenery Mall was developed in 1983 by the Green Cos. as the company was building the nearby Datran Center. The mall became the home of the first South Florida Starbucks, which opened its doors in 1997.