Dealmaker: Limestone Asset Management, Orion Real Estate Purchase Miami Retail for $70M

(Colonial Palms Plaza, Miami. Photo credit: Joe Blazejack.)

Limestone Asset Management and Orion Real Estate Group purchased Colonial Palms Plaza in Miami for $70 million.

Located at 13601–13621 S Dixie Highway, the 188,400-square-foot retail property encompasses seven buildings and 29 tenants including Marshalls, HomeGoods, PetSmart, Old Navy, Party City and Panera Bread.

MetLife Investment Management, New York sold the asset. Goldman Sachs, New York, provided acquisition financing. 

The purchase reflects Limestone and Orion’s expansion in Pinecrest, a suburban village in Miami-Dade County south of downtown Miami and Miami International Airport. It is one of Florida’s most affluent neighborhoods.

More than 100,000 residents with an average household income approaching $150,000 reside within three miles of the property.

Orion Real Estate Group President Kevin Sanz led the buyer group, Orion Colonial Plaza LLC. “Colonial Palms Plaza is located in a strong submarket with incredibly high barriers to entry,” he said.

Limestone and Orion also acquired nearby Pinecrest Town Center in 2021. Located one mile away from Colonial Palms Plaza, the joint venture paid $32 million for the mixed-use retail and office property at 12651 South Dixie Highway in Pinecrest, Fla.