80
Miami — Federal Realty Investment Trust has acquired an 80 percent interest in CocoWalk, a 198,000-square-foot lifestyle center in Miami’s Coconut Grove neighborhood, for $87.5 million.
The trust acquired the property with local market partners Grass River Property and The Comras Co. CocoWalk is located minutes away from Miami’s Brickell, Downtown, Coral Gables and Key Biscayne neighborhoods. Tenants include Starbucks, Gap, the Cheesecake Factory, Fat Tuesday, Victoria’s Secret and Chili’s.
Constructed in 1990, the property sits on approximately three acres located just two miles from the University of Miami. CocoWalk’s overall trade area has 153,000 people and average household incomes of $110,000.