Sale of Palms at Town & Country may fetch $335M
The 664,000-square-foot shopping center functions as a ‘downtown’ in the Kendall area
September 05, 2015 10:30AM
The owner of the Palms at Town & Country has listed the open-air shopping center in Kendall for sale, and it could attract bids as high as $335 million, brokers say.
The Palms at Town & Country is located on a 70-acre site in southwest Miami-Dade County near the interchange of Florida’s Turnpike and Kendall Drive.
Tenants include Kohl’s, Marshalls, Dicks Sporting Goods and Toys R Us. Several restaurants and a Blue Martini nightclub are on the premises, too.
Holliday Fenoglio Fowler, the commercial brokerage firm handling the sale, believes the 664,000-square-foot property at 8505 Mills Drive could attract bids as high as $335 million. The Palms at Town & Country has no listed asking price.
Justin Greider, vice president of Florida retail with real estate firm JLL, said a $335 million price for the Mediterranean-themed Palms at Town & Country may be justified.
“Because it functions as a kind of a downtown for the Kendall market, we’ve seen a huge uptick in demand from retailers that want to be located there,” Greider said.
The shopping center, which underwent renovation in 2010, is owned by WRC Properties, an affiliate of TIAA-CREF, a leading provider of retirement plans to people in academic and research fields. [Miami Herald] — Mike Seemuth
Source: The Real Deal