January 18, 2018
Jamestown, L.P. acquired Doral Commons, a 140,000-square-foot retail center in South Florida’s Doral submarket from South Florida-based Terra for $72 million. The 95%-leased property’s tenant roster is anchored by Publix Supermarket, alongside TJ Maxx, Citibank, GNC, AT&T Wireless and McDonald’s.
The site at northwest 74th Street and 107th Avenue was initially part of a 100-acre tract acquired by Terra in 2012. Terra subdivided the land into commercial and residential uses, and completed the construction of Doral Commons in 2015. The firm’s 319-home Modern Doral single-family community is located directly next-door to the retail center.
Cushman & Wakefield’s Mark Gilbert, who represented Terra, says, “This is a case of Terra taking a forward-looking approach to acquiring a site, recognizing a void in the market, and creating value through execution and leasing.”
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