Winn-Dixie shopping center in Homestead sells for $9M
It last sold for $4.5 million in 1995
February 18, 2016 11:15AMBy Katherine Kallergis
A Homestead shopping center anchored by Winn-Dixie has sold for $9 million.
Franklin Street’s Greg Matus, Pete Crane and Robert Granda
Miami-Dade County records show the Dixie Center, at 30318 Old Dixie Highway, sold to an Aventura-based company, ARS Dixie LP. Palm Beach Gardens-based Noble Properties sold the 102,415-square-foot shops. Anchor tenants include Winn-Dixie, which leases about 45,000 square feet, and Family Dollar, which leases about 10,000 square feet. Other tenants include Pinch a Penny, Ibiley Uniform, a day care and a barber shop.
Franklin Street’s Greg Matus, regional managing partner; Pete Crane, retail investment associate; and Robert Granda, director of investment sales; were the exclusive brokers in the deal. The Plantation-based brokerage is also handling leasing and management at Dixie Center.
The buyer, which corporate records show is managed by attorney Marc Kleiner, financed the sale with a $6.75 million CMBS loan. Avraham Nehemia signed the loan on behalf of the limited partnership. FM Capital sourced the financing, according to a Franklin Street spokesperson. Franklin Street said buyer is a private investor from Canada.
“We are seeing increased interest from Canadian investors in South Florida commercial real estate – not just retail,” Crane said in a press release. “Facing a decline in the Canadian dollar, those investors are seeking creative financing solutions for their acquisitions.”
Dixie Center was built in 1985. The shopping center features 591 parking spaces and sits on a 13.7-acre lot. It is 93 percent leased and was renovated in 2001. The sale also includes three outposts totaling 2.7 acres.
Property records show it last sold for $4.5 million in 1995.
Source: The Real Deal