On Monday morning the CocoWalk outdoor shopping center was sold in a deal valued at $87.5 million with plans to redevelop the area. The 198,000 sq.ft. CocoWalk was purchased by Federal Realty Investment Trust, who now own an 80 percent interest, along with local partners Grass River Property and The Comras Company.
The new owners have said they plan on revamping the area with a new tenant mix. CocoWalk is situated in the center of Miami’s Coconut Grove area, which is experiencing a comeback of its own with the construction of new luxury condominium developments. “Locals are embracing Coconut Grove’s resurgence as a destination that’s home to quality retail, entertainment and dining reflecting their needs and lifestyle,” Grass River Property principal George Spillis said in a statement.
“Local, regional and national retailers and restaurateurs are increasingly seeking walkable environments where they can connect year-round and throughout the day with their customers,” Comras Company President and CEO Michael Comras said in a statement. “Their enthusiasm for CocoWalk’s location will drive a powerful merchandising mix that captures the Grove’s vibe.”