Miami-based Limestone Asset Management and Orion Real Estate Group recently announced the completion of a $5 million renovation of Pinecrest Town Center, a mixed-use retail and office complex situated at 12651 South Dixie Highway, Pinecrest, FL. The renovation focused on modernizing the exterior façade and storefronts, the installation of impact-resistant windows, lighting upgrades, and the addition of a rooftop parking area, with the work led by general contractor Tim Majors of Suncon and architect Bruce Arthur of WHA Design, both Miami-based.
Acquired by Limestone Asset Management in March 2021 for $32 million, Pinecrest Town Center spans 225,255 square feet of land with 435 feet of frontage along South Dixie Highway. Constructed in 1985 and previously renovated in 1994 and 2004, the property now boasts an occupancy rate of approximately 90%. Its major tenants include Sage Dental and Coldwell Banker, alongside local favorites such as Anacapri Italian Restaurant and Sea Siam.
Pinecrest Town Center. Photo courtesy of Limestone Asset Management.
Ibrahim Al-Rashid, chairman of Limestone Asset Management, expressed satisfaction with the renovation, stating, “We are pleased to have completed our extensive renovations on Pinecrest Town Center, now seamlessly blending into the upscale Pinecrest suburb. This area is among Miami’s most sought-after neighborhoods, thanks to its high quality of life and spacious lots that have traditionally attracted business executives and professional athletes. The pandemic has only intensified the influx of new residents to this area.”
The Pinecrest area is home to over 101,902 residents within a 3-mile radius, boasting an average household income exceeding $132,490. The average home listing price in the Village of Pinecrest significantly surpasses the median home value in Miami-Dade County, often exceeding $1 million.
Pinecrest Town Center. Photo courtesy of Limestone Asset Management.
Limestone Asset Management, established in 2010, focuses on investing in and acquiring diverse real estate properties across North America. Orion Real Estate Group, founded in 1978, delivers commercial real estate services globally, having been involved in transactions worth over $7 billion and managing a portfolio worth more than $1 billion.
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