Miami Condo Market and Lifestyle Updates
CocoWalk Mall Sells for the Same Price as it Last Sold in 2006, Buyer Plans Renovations

CocoWalk Mall Sells for the Same Price as it Last Sold in 2006, Buyer Plans Renovations

by Sep Niakan | June 17, 2015

 

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

Recent posts

Real Estate News

Miami Luxury Condos: Q2 Report June 2017

by Sep Niakan | July 19, 2017

Miami Luxury Condo Report Overall Market Summary City and Neighborhood Luxury Condo Reports             Miami Beach Luxury Condo Report                    ...

Lifestyle

Miami for Wine Lovers Part 1: Top Wine Tastings and Events

by Sep Niakan | July 18, 2017

Who needs Napa Valley when Miami has a flourishing wine culture? This series of blogs is dedicated to all the wine lovers in Miami. In this part, we are covering events and tastings across the city that will acquaint you with wines from around the...

Lifestyle

Editorial: Traffic-Busting Transit-Oriented Development of Condos and Apartments in Miami

by Sep Niakan | July 18, 2017

We are all familiar with the pain of Miami’s current traffic situation. But, our prayers are finally being answered! The long-time need for transit-oriented development is being addressed, with almost nine projects on the drawing board and one...

Real Estate News

Brickell Heights Has Arrived! A Review of the Condo and its Amenities (Photo Blog)

by Sep Niakan | July 18, 2017

Brickell Heights Has Arrived in Style! Brickell heights started closings in June at a rapid pace, and so far I have seen and heard nothing but good things about the building and have had great experience with the staff and management there. That...