CocoWalk has been sold in a deal that values the property at $87.5 million – the same price that it sold for in 2006.
That price is still considered to be ‘aggressive’ for the 198,000-square-foot property. In recent years, the mall has struggled to fill space and has a vacancy rate of nearly 20%, while new retail centers in the downtown area are in the works.
The buyer is publicly traded Federal Realty Investment Trust, who acquired an 80% stake along with local partners Grass River Property and The Comras Company.
CocoWalk opened 25 years ago on a 3-acre property in Coconut Grove. The new owners hope to bring in a different mix of tenants, and say that they will embark on a significant renovation, without naming a dollar figure.