Joint Venture Grabs Downtown Dadeland for $38.9M
- Aug 12, 2014
Duncan Hillsley Capital joined forces with Pebb Capital in order to purchase Downtown Dadeland, a 127,240-square-foot retail lifestyle center in Miami.
Formed in January 2009, Duncan Hillsley Capital LLC is a fully integrated, private commercial real estate investment company that started its operations by acquiring distressed and underperforming assets as and assisting other investors in restructuring and recapitalizing their portfolios after the recession. Pebb Capital started out this year. The wholly owned real estate private equity firm’s success is founded on the 40 year real estate investment, development and management experience of founders Todd and Jeff Rosenberg. Both partners in the joint venture are based in Boca Raton.
The property is located on a 7.5 acre urban infill site in the center of the stretch nicknamed Dadeland Golden Triangle across from Dadeland Mall. Completed between 2007 and 2009 Downtown Dadeland is also widely known as “a village within a city,” due to its pedestrian- friendly, town-center design. It includes 127,000 square feet of street level retail space with tenants like West Elm, HCA Medical, Chili’s Bar & Grill, Paul Mitchell Academy, Men’s Wearhouse or Panera Bread; as well as 416 condo units encompassing studios, one-, two- and three-bedroom residences ranging in size from 470 to over 1,950 square feet.
Holliday Fenoglio Fowler marketed the complex on behalf of Downtown Dadeland Retail, LLC, the former owner of the asset. Managing Director Luis Castillo, Senior Managing Director Daniel Finkle and Senior Analyst Nat Scarmazzi led the HFF team that spoke for the seller in the transaction of the unencumbered property.
Photo credits: Downtown Dadeland