Miami-based Limestone Asset Management and Orion Real Estate Group have completed the $5 million renovation of Pinecrest Town Center, a mixed-use retail and office property located at 12651 South Dixie Highway, Pinecrest, FL 33156.
The renovation involved modernizing the façade and storefronts, installing impact windows, upgrades to lighting, and adding a rooftop parking area. Leading the renovation were General Contractor Tim Majors of Suncon and Architect Bruce Arthur of WHA Design, both based in Miami.
Limestone Asset Management 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, the property underwent previous renovations in 1994 and 2004, and is now at approximately 90% occupancy. Major lessees are Sage Dental and Coldwell Banker. Additional lessees include local favorites Anacapri Italian Restaurant and Sea Siam.
“We are pleased to have completed our extensive renovations on Pinecrest Town Center, located in the heart of the upscale suburb of Pinecrest,” said Ibrahim Al-Rashid, chairman of Limestone Asset Management. “With a new sleek look, Pinecrest Town Center now fits right into the surrounding area, which is one of Miami’s most desired neighborhoods.”
More than 101,902 residents, with an average household income of more than $132,490, reside within a 3-mile radius of the property. The average home listing price for the Village of Pinecrest is well above $1 million, which is significantly higher than the median home value for Miami-Dade County.
Offering a high quality of life and vast acre lots, Pinecrest has long attracted major business executives and professional athletes. Many new Florida residents continue to flock to the area post-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 $7 billion in transactions and holds a portfolio exceeding $1 billion. 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.
