News Summary
Current Capital Real Estate Group has acquired the County Line Shopping Center in north Miami-Dade County for $33 million. The center spans 166,485 square feet. Meanwhile, MMG Equity Partners has secured a $38 million refinancing loan for four other shopping centers, indicating ongoing investment in South Florida’s retail landscape, which is also experiencing dynamic changes with new openings and redevelopments.
Florida – Current Capital Real Estate Group has completed the acquisition of the County Line Shopping Center for $33 million. This shopping center is located in north Miami-Dade County and covers a substantial area of 166,485 square feet. Following the purchase, Current Capital is exploring possibilities for the potential redevelopment of the property.
In a related development, Miami-based MMG Equity Partners has secured a $38 million refinancing loan for four shopping centers in South Florida. This loan was arranged by JLL through Synovus Bank and is aimed at improving financial positioning for the ongoing evolution of these retail spaces. The properties included in this refinancing initiative are Pinecrest Center, Pinecrest Shoppes, Westlake Plaza, and Naranja Plaza, which collectively encompass 127,826 square feet of retail space. These centers were acquired between 2018 and 2020 for a total of $28.9 million, during which time MMG Equity invested approximately $8 million in capital improvements.
The retail landscape in South Florida is experiencing dynamic changes, with both established and new retail spaces adapting to current market demands. Recent openings include Princess Polly at Dadeland Mall and a new Eataly food hall at Aventura Mall, which promises to attract food enthusiasts. Midway Crossings has also seen the introduction of major anchors like Aldi and Micro Center, enhancing its appeal to shoppers.
On the horizon, Sunset Place mall is scheduled for demolition to pave the way for a new complex featuring apartments, a hotel, and a theater, illustrating a trend towards redevelopment in the area. Additionally, Elev8 Fun is set to open in the former department store space at Miami International Mall, featuring arcade games, bowling, and dining options, catering to a diverse range of entertainment activities.
In broader market news, the Starwood Capital Group’s nontraded REIT has sold The Marketplace at the Outlets, which is anchored by Whole Foods Market, for $133.2 million. This sale was made to Atlanta-based Invesco, solidifying Invesco’s position in the lucrative South Florida retail market. The Marketplace covers 304,000 square feet and includes major retailers such as Nordstrom Rack, Marshalls, TJ Maxx, and Ulta, making it a significant shopping destination despite its recent transition in ownership. Invesco assumed a $79 million CMBS loan associated with the center as part of this acquisition.
Starwood Real Estate Income Trust (SREIT) is currently navigating liquidity challenges, having exhausted a $1.6 billion credit line intended for investor redemptions. In response to these challenges, SREIT has divested $1.4 billion in assets over the year and plans to sell an additional $300 million this quarter in an effort to stabilize its finances. Additionally, SREIT has seen a leadership change with Nora Creedon, a former Goldman Sachs executive, taking over as CEO from Sean Harris.
As the landscape of retail in South Florida evolves, it is clear that major developments, acquisitions, and redevelopments will play a pivotal role in shaping the future of shopping experiences in the region. Current Capital’s latest acquisition and the refinancing initiatives from MMG Equity highlight the ongoing investment in enhancing the retail sector, which continues to adapt to modern consumer preferences and economic challenges.
Deeper Dive: News & Info About This Topic
- CoStar: Current Capital Real Estate Group Acquires South Florida Shopping Center
- Rebusiness Online: MMG Equity Partners Secures $38M Refinancing
- NBC Miami: Florida Has The Most Talked-About Malls
- Miami Herald: South Florida Retail Landscape Changes
- Shopping Center Business: MMG Equity Secures $38 Million in Refinancing
- Wikipedia: South Florida
- Google Search: South Florida shopping centers
- Google Scholar: South Florida retail development
- Encyclopedia Britannica: Florida
- Google News: Florida shopping centers
Author: STAFF HERE PETERSBURG WRITER
ST PETERSBURG STAFF WRITER The ST PETERSBURG STAFF WRITER represents the experienced team at HEREStPetersburg.com, your go-to source for actionable local news and information in St Petersburg, Pinellas County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Grand Prix of St. Petersburg, Localtopia, and SHINE Mural Festival. Our coverage extends to key organizations like the St. Petersburg Area Chamber of Commerce and St. Pete Downtown Partnership, plus leading businesses in finance, manufacturing, and healthcare that power the local economy such as Raymond James Financial, Jabil, and Bayfront Health St. Petersburg. As part of the broader HERE network, including HEREJacksonville.com, HEREOrlando.com, HERETallahassee.com, and HERETampa.com, we provide comprehensive, credible insights into Florida's dynamic landscape.
