SJC, Nuveen Drop $32M For Doral Dev Site, Plan Whole Foods-Anchored Mixed-Use Project
July 24, 2024
SJC, led by principals Jeff Garrison, Jeff DeHart and Fain Hicks, is a commercial real estate investor and developer, its website shows.
It has purchased or developed more than 60 retail, multifamily, office and mixed-use projects across in the U.S.
Nuveen Real Estate, an arm of the Teachers Insurance and Annuity Association of America, had $147 billion of assets under management as of the end of March.
In South Florida, Nuveen Real Estate owns some prime assets and has been on a selling spree in recent months. This month, Nuveen sold a 197-unit apartment complex in Plantation for $49.4 million, a 5 percent discount from its purchase price a decade ago. In Miami’s Brickell, Nuveen sold the 801 Brickell office tower last fall for $250 million and also listed this spring its 701 Brickell office tower for over $500 million.
The Doral Marketplace development site is next to Chicago-based Bridge Industrial’s 2.6 million-square-foot Bridge Point Doral industrial project that’s under construction. Bridge Point Doral is expected to be completed early next year.
Doral Marketplace is an anomaly of sorts, as few developers are starting strictly retail projects with restaurants and service providers in South Florida. Generally, retail and dining space are woven into mixed-use developments that also include apartments or condos.
Source: The Real Deal