Florida grocery-anchored center sells for $47 million

Why, when the economy’s crippled by pandemic, would a real estate investor pay $46.7 million for a 59,694-sq. ft. grocery-anchored center?

Because that anchor is Whole Foods Market and the center is located in Coral Gables, Fla., where the average household income tops $135,000.

JLL Capital Markets made the deal for Plaza San Remo on behalf of Zurich Alternative Asset Management. The property is the ground-floor retail component of a seven-story mixed-use asset that also features medical office space and a seven-story parking garage.

“We are happy to add this well-located asset to our portfolio. The demographics and in-fill nature of this opportunity were quite compelling,” said ZAAM director of acquisitions Roy Rosenbaum.

This was a well-timed acquisition of a trophy retail property, according to the co-head of JLL’s retail practice.

“The fantastic credit tenancy, Coral Gables location, and outstanding tenant sales performance made Plaza San Remo an unparalleled core investment opportunity,” said Danny Finkle, who helped close the deal.