Globe St by: Jennifer LeClaire
Miami — Downtown Dadeland’s retail component is getting fresh leasing traction with its new ownership group. The joint venture between Duncan Hillsley Capital and Pebb Capital in partnership with Canyon Capital Realty Advisors that acquired the lifestyle retail center in August has inked 33,293 square feet on five new leases at the 127,000-square-foot dining and shopping complex located across Kendall Drive from Dadeland Mall.
GlobeSt.com caught up with Shane Hillsley, managing director of Duncan, to find out more about why his firm bought Downtown Dadeland, what types of capital improvements are in the works, and how the Dadeland Mall factors into the equation in part one of this exclusive interview. Be sure to come back to this afternoon’s Miami edition for part two.
GlobeSt.com: How did you identify Downtown Dadeland as an acquisition target and why did you move forward with the purchase?
Hillsley: Downtown Dadeland is a class A asset in a class A location whose retailers are enjoying sales that are, in many cases, far in excess of their brands’ national averages. The property is across the street from Dadeland Mall and within walking distance of residential units, hotels, and offices that create a built-in daily population of about 80,000 people. We’re adjacent to the Metrorail and at the center of some of Miami’s most affluent neighborhoods in Miami-Dade County including Pinecrest, South Miami, Coral Gables, and Kendall.
GlobeSt.com: What types of capital improvements can we expect at Downtown Dadeland and what is your timeline?
Hillsley: Working with our design team at Add Inc and our leasing and marketing team at CREC, we’re going to create a ‘sense of place’ that doesn’t currently exist. That includes making our storefronts more visible and introducing new signage, outdoor seating, architectural canopies and progressive lighting. These upgrades will begin coming online in the second quarter of 2015. We’ve already begun sharing our vision with the retail market and our plans are resonating with specialty restaurants, independent business owners and national brands.
GlobeSt.com: How does proximity to Dadeland Mall factor into Downtown Dadeland’s appeal among retailers and consumers
Hillsley: We think Downtown Dadeland really stands on its own for a few reasons. For one, many of our retailers are outperforming their national averages. Second, the urban environment we’re creating is very different than that of a traditional mall. We’re going to deliver a dynamic space that’s inviting, pedestrian-friendly and something that will become part of our neighbors’ everyday routines.