JLL Capital Markets closed the $108 million sale and $43.5 million financing of the Shops at Beacon Lakes, a new, fully leased, 417,248-square-foot, large-scale, super-regional shopping center development in Miami.
JLL marketed the property on behalf of the seller, a partnership led by Stiles Corporation and Lubert Adler Real Estate Funds. AEW Capital Management, L.P. purchased the asset on behalf of a separate account client. Additionally, JLL worked on behalf of the buyer to secure the seven-year, interest-only acquisition loan through PGIM Real Estate.
Shops at Beacon Lakes was developed by Stiles in 2020 and features a roster of segment-leading national retailers, including The Home Depot, City Furniture/Ashley Furniture, Dick’s Sporting Goods, Ross Dress for Less, Michaels, Five Below and 24-Nour Fitness. Additionally, the center features outparcel pads leased to Panda Express, Jersey’s Mike’s, Burger Fi, Encore Nails and more.
Situated on 33.82 acres at 1700-1970 NW 117th Place, Shops at Beacon Lakes is along the Florida Turnpike, which is one of the most heavily trafficked thoroughfares in Miami-Dade County and exposes the center to more than 124,000 vehicles per day. The property is part of a larger project that includes Miami’s first Topgolf, which welcomed 264,000 customers in six months, and Telemundo’s headquarters, which houses 2,000 employees. It is also at the entrance to the 4.6-million-square-foot Beacon Lakes Office and Industrial Park, driving additional traffic to the center. Shops at Beacon Lakes serves a large primary trade area that includes 869,856 residents within 116 square miles with buying power of $17.66 billion.
“We believed this was the ideal location to execute our vision for a flagship retail development in Miami-Dade,” said Ryan Karlin, President of Stiles Retail Group. “Having achieved 90 percent lease-up prior to breaking ground, this center shows the continued strength of large format brick-and-mortar retail destinations across multiple use categories.”
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Director and Co-Head of U.S. Retail Capital Markets Danny Finkle, Managing Director Alex Sharrin and Senior Director Eric Williams.
JLL Capital Market’s Senior Managing Director Paul Stasaitis represented the buyer in the financing effort.
“Rarely do retail centers of this scale and quality come along in such a prime location of Miami,” Finkle said. “The Shops at Beacon Lakes is a prime example of what retail investors covet, best-in-class tenancy within an irreplaceable, high traffic and visibility location.”