Federal Realty and partners acquire Shops at Sunset Place for $110 million

Miami -- Federal Realty Investment Trust, along with partners Grass River Property and The Comras Company, acquired 85% interest in The Shops at Sunset Place -- a 515,000 sq. ft. mixed-use center in South Miami, Florida for $110 million.



The transaction includes the assumption of an existing $70.8 million mortgage with an interest rate of 5.6% and maturity date of September 2020.



"As Miami becomes an increasingly urban and dense market, walkable, authentic neighborhoods like Coconut Grove and South Miami are becoming increasingly attractive destinations to live, work, shop, dine and be entertained," said Dawn Becker, executive VP - Mixed Use Division for Federal Realty Investment Trust.



The Shops at Sunset Place comprises 408,000 sq. ft. of retail space, 107,000 sq. ft. of office space and a 1,700-space parking garage. Tenants include AMC Theatres, LA Fitness, Barnes & Noble, Forever 21, Splitsville and Z-Gallerie.