Joint Venture Acquires Pinecrest Town Center in Metro Miami for $32 Million

Pinecrest, Fla. — A joint venture between Limestone Asset Management and Orion Real Estate Group has acquired Pinecrest Town Center, a mixed-use retail and office property located 11 miles outside Miami in Pinecrest, for $32 million. Limestone Asset Management will assume an existing mortgage on the property. Pinecrest Town Center features 60,484 square feet of retail space and 33,691 square feet of office space. Tenants at the property include Sage Dental, EWM, Coldwell Banker, Anacapri Italian Restaurant and Sea Siam. The entire site includes 225,255 square feet of land, and 435 feet of frontage along South Dixie Highway. The property was built in 1985, renovated in 1994 and 2004, and is currently 82.6 percent leased. JLL represented the undisclosed seller in the transaction.