Limestone Asset Management and Orion Real Estate Group Sell Renovated Pinecrest Town Center for $42.5 Million

Pinecrest Town Center, a mixed use retail and office property at 12651 South Dixie Highway in Miami Dade County, has been sold by Limestone Asset Management and joint venture partner Orion Real Estate Group for 42.5 million dollars. The transaction follows the completion of a comprehensive renovation of the property in early 2024. Eric Williams of Newmark represented the sellers.

The site spans 228,355 square feet of land with 435 feet of frontage along South Dixie Highway and includes a four story office building. Limestone Asset Management acquired the property in March 2021 for 32 million dollars and subsequently invested nearly 6 million dollars in modernization work. The renovation program featured updated facades and storefronts, impact window installation, enhanced lighting, and the addition of rooftop parking. The property was originally built in 1985 and had undergone earlier renovations in 1994 and 2004.

Credit: Images for Business.

Pinecrest Town Center is currently around 90 percent occupied. Tenants include national and regional operators such as Sage Dental, Coldwell Banker, and F45 Training, along with long standing local establishments including Anacapri Italian Restaurant, Roasters N Toasters, and Sea Siam Thai and Japanese Restaurant.

Credit: Images for Business.

“Having performed a recent comprehensive nearly 6 million dollar renovation on Pinecrest Town Center, located in one of Miami Dade’s most vibrant communities with a thriving market and a family oriented lifestyle, we are pleased to sell it to a highly reputable buyer who will maintain the beauty of the property,” said Ibrahim Al Rashid, chairman of Limestone Asset Management.

Credit: Images for Business.

The property is located within Pinecrest, a suburban municipality with a population of approximately 18,388 residents according to the 2020 Census. The area is known for large residential lots and high average home listing prices, which exceed 1 million dollars and remain above the median home value for Miami Dade County.

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