Federal Realty Investment Trust, Grass River Property and The Comras Company has acquired an 85 percent stake in The Shops at Sunset Place in South Miami for a gross value of $110.2 million. The buyer will take on a $70.8 million mortgage associated with the property due in 2020 at an interest rate of 5.6%. The remaining 15 percent interest is owned by Coconut Grove-based Grass River Partners and Miami Beach-based the Comras Co. Built on a 10-acre site at 5701 S.W. 72nd Street (Sunset Drive), the three-story building is located near the University of Miami. The Shops at Sunset Place comprises 408,000 square feet of retail space, 107,000 square feet of office space and a 1,700-space parking garage. . National Tenants include AMC Theatres, LA Fitness, Barnes & Noble, Forever 21, Splitsville and Z-Gallerie. This is the first time the complex has changed hands since Simon Property Group built it in 1999.
“As Miami becomes an increasingly urban and dense market, walkable, authentic neighborhoods like Coconut Grove and South Miami are becoming increasingly attractive destinations to live, work, shop, dine and be entertained,” said Dawn Becker, executive VP at Federal Realty Investment Trust. “Like Cocowalk, Sunset Place presents a compelling opportunity to create value through integrating it with the vibrant streets that border the property, adding new tenants and delivering a mix of uses that meet the demand of the affluent, year round communities it serves.”
