Massive Kendall shopping center is up for sale

The Palms at Town & Country, a massive open-air shopping center in Kendall, is on the market — and brokers say the 664,000-square-foot facility could receive bids as high as $335 million.

The shopping center sits on 70 acres at the Florida Turnpike and Kendall Drive interchange. Its anchors include Kohl’s, Marshalls, Dicks Sporting Goods and Toys R Us, as well as nightspot Blue Martini and several restaurants.

Commercial real-estate firm Holliday Fenoglio Fowler is handling the sale. HFF says the property, at 8505 Mills Drive, has no listing price, but it expects bids to reach as high as $335 million.

The high price could be warranted, said Justin Greider, a vice president for Florida retail at real estate firm JLL, which handles leasing and property management at the Mediterranean-themed shopping center.

“Because it functions as a kind of downtown for the Kendall market, we’ve seen a huge uptick in demand from retailers that want to be located there,” Greider said.

The Palms was renovated in 2010. Country property records list the owner as WRC Properties, a subsidiary of insurance giant TIAA-CREF.

Miami’s retail real-estate market is hot. Earlier this week Spanish billionaire Amancio Ortega bought an entire block of stores on Lincoln Road in Miami Beach for $370 million.

This story was originally published September 4, 2015 at 5:52 PM with the headline "Massive Kendall shopping center is up for sale."