Cushman & Wakefield Brokers $66M Sale of Miami Retail Asset
By
Suniland Shopping Center
Miami–Suniland Associates Ltd., a Terranova Corp. affiliate, recently sold its 82,000-square-foot Suniland Shopping Center to Dividend Captial, a Denver based private REIT. The $66.5 million sale, equated to $811 per square-foot, concluded the firms over 22 year investment run with the retail asset.Cushman & Wakefield Vice President Mark Gilbert brokered the deal.
Suniland acquired the property in two transactions: paying $9.3 million in 1994, followed by an out-parcel purchase of $1.1 million in 1996, totaling $10.4 million. The gain was profitable to investors over the long hold when cash flow from operations, refinancing proceeds, and sale proceeds were combined. Investors received an annualized internal rate of return over the investment period of 33 percent…
