The CocoWalk mall and property has been sold in an $87.5 million deal, which turns out to be the same price it was sold for back in 2006.
The $87.5 million price tag is thought to be just as aggressive as it was back then, since the 198,000 square-foot property has struggled to fill its tenants. Only 20% of CocoWalk’s spaces are filled, in contrast to the retail centers in downtown, which are mostly full.
The buyer of the property is the Federal Realty Investment Trust, who own 80% of the company along with local partners Grass River Property and the Comras Company. The new owners are planning on bringing in a better mix of tenants into the mall, which will bring about an all new renovation to the whole mall.
25 years ago marks the opening of Cocowalk, a nice 3-acre property with a decently-sized mall in Coconut Grove, and many hope that it will only improve in the future.
Source: thenextmiami.com
Photo credit: CocoWalk (photo:phillip pessar/flickr) - thenextmiami.com