Real Estate News

Pinecrest shopping center sells for $66.5 million

Pinecrest’s Suniland Shopping Center sold for $66.5 million Tuesday
Pinecrest’s Suniland Shopping Center sold for $66.5 million Tuesday

A shopping center in Pinecrest sold for $66.5 million Tuesday, reflecting a retail boom in South Florida.

An affiliate of Miami Beach-based commercial real-estate firm Terranova paid $9.3 million for the 82,000-square-foot Suniland Shopping Center in 1994, adding on another parcel of land for $1.1 million two years later. The buyer is a real-estate investment trust based in Denver. Tenants include CVS, a U.S. Post Office, SunTrust and a Flanigan’s restaurant.

Developers have been buying and building new malls across South Florida in response to population growth and increased tourism.

Retail vacancy rates in Miami-Dade County stand at 3.5 percent, well below the national average of roughly 6 percent, according to a quarterly report from brokerage Marcus & Millichap. Rents also rose 5.6 percent from the first quarter of 2015.

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