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.
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“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.