Robert Khodadadian – Commercial Observer

Orion Real Estate Group and Limestone Asset Management paid $70.5 million for a strip mall in the wealthy Miami suburb of Pinecrest, Fla., the joint venture announced.

The seven-building property, which sits on 15 acres, is at 13601 and 13621 S Dixie Highway, adjacent to Southwest 136th Street. It’s 97 percent leased to 29 tenants, including discount stores Marshalls, Five Below and Old Navy, food and beverage shops Panera Bread and Miller’s Ale House, as well as Visionworks and CycleBar among others.

Eric Williams of JLL represented the seller, MetLife Investment Management, which seized the property through a court-ordered repossession in 1993, according to property records. Goldman Sachs is providing a $45.5 million loan for the buyers, per a spokesperson for the JV. 

The Pinecrest deal is the latest purchase for Miami-based Limestone, an affiliate of Orion formed in 2010 and led by Ibrahim Al-Rashid, son of Saudi billionaire Nasser Al Rashid

Last year, the joint venture, which was formed in 2010, paid $32 million for Pinecrest Town Center about a mile away from the most recent purchase and began a $4 million renovation this year. 

The pair also paid $133 million last year for a national portfolio of 27 Walgreens locations. 

Julia Echikson can be reached at jechikson@commercialobserver.com

Orion Real Estate Group and Limestone Asset Management paid $70.5 million for a strip mall in the wealthy Miami suburb of Pinecrest, Fla., the joint venture announced. The seven-building property, which sits on 15 acres, is at 13601 and 13621 S Dixie Highway, adjacent to Southwest 136th Street. It’s 97 percent leased to 29 tenants,Read MoreChannel, Sales, Limestone Asset Management, MetLife Investment Management, Orion Real Estate Group  Commercial Observer Read More 

Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.

Robert Khodadadian, properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, Commercial Observer, Retail For Lease, Commercial Observer,

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