Miami-based Limestone Asset Management recently began a $4 million renovation of Pinecrest Town Center, a mixed-use retail and office property. The property is located at 12651 South Dixie Highway, Pinecrest, FL 33156. The completion date is expected in Q1 2023.
Limestone Asset Management, via a joint venture with Orion Real Estate Group, purchased the property in March 2021 for $32 million.
The entire site encompasses 225,255 land square feet, and 435 feet of frontage along South Dixie Highway. Built in 1985 and located in the heart of Pinecrest in Miami-Dade County, the property underwent renovations in 1994 and 2004, and is currently 91.8% leased.
The focus of the new renovations is to modernize the façade and storefronts. This will include installing impact windows, upgrades to lighting, as well as a rooftop parking area over a six-month period. Appointed as general contractor is Tim Majors of Suncon working with architect Bruce Arthur of WHA Design, both based in Miami.
“Our goal is to improve Pinecrest Town Center, adding sleek detailing with a modern look to enhance its place in the upscale suburb of Pinecrest,” said Ibrahim Al-Rashid, chairman of Limestone Asset Management. “Updating this popular local center, especially by adding additional parking, brings value and functionality to the area.”
More than 98,866 residents, with an average household income more than $148,541, reside within a 3-mile radius of the property. The median home value for the area is $615,731, which is 84% higher than the median home value for Miami-Dade County. Pinecrest is one of Miami’s most desired neighborhoods. With a high quality of life and vast acre lots, major business executives and professional athletes have long been attracted to Pinecrest with many new Florida residents flocking to the area since the pandemic.
About Limestone Asset Management: Miami-based Limestone Asset Management was founded in 2010 and invests in and acquires real estate properties over all asset classes throughout North America. For more information, visit https://orionmiami.com/our-affiliates/.
About Orion Real Estate Group: Orion Real Estate Group provides commercial real estate services to investment clients around the world. Since its founding in 1978, the firm has been involved in more than $4 billion in transactions and holds a portfolio exceeding $800 million. Its headquarters are located at 200 S. Biscayne Blvd, 7th floor, Miami, FL 33131. For more information, visit https://orionmiami.com/ or call (305) 278-8400 or 1-888-255-4502.