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Fresco Y Mas is the anchor tenant at Trail Plaza, which was 99 percent leased at the time of the sale. Image courtesy of CBRE
Boston-based Longpoint Realty Partners has acquired Trail Plaza, a 181,558-square-foot grocery-anchored retail property in Miami for $49.3 million. MetLife Real Estate Investment sold the asset after owning it for more than 30 years. CBRE brokered the transaction.
MetLife acquired the property for $16.6 million in 1990, according to CommercialEdge data.
Built in 1987, Trail Plaza spans 17 acres and is anchored by Fresco Y Mas. Other tenants at the plaza include Walgreens, Harbor Freight Tools and Party Depot, along with numerous dining locations. It also includes six outparcel tenants. At the time of the sale, the property was 99 percent leased.
Located at 1032 SW 67th Ave., the property is off Highway 41 and roughly 10 miles west of downtown Miami. It is also some 7 miles from the Miami International Airport and 4 miles north of the University of Miami.
CBRE Executive Vice Presidents Dennis Carson and Casey Rosen represented the seller in the transaction. In prepared remarks, Rosen mentioned that the property has long-term land bank potential, as well as an upside in below-market rents and potential outparcel sales.
In March, Longpoint closed its Longpoint Specialty Grocer Fund I LP at $225 million, which is meant for purchasing core grocery-anchored neighborhood shopping centers. The fund is expected to acquire between 17 and 20 assets throughout Florida, Texas and California. Recently, the firm paid $22.7 million for a 66,006-square-foot shopping center in the Inland Empire.
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