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Midtown Capital Partners pays $78M for retail, parking spaces at Miami complex

Midtown Capital Partners LLC acquired the retail and parking elements of the Downtown Dadeland complex in Miami from a partnership between Pebb Capital and Duncan Hillsley Capital LLC for $78.2 million, The Real Deal reported, citing a spokesperson.

The property includes roughly 126,000 square feet of ground floor retail space at 7270 North Kendall Drive, which is 97% occupied, as well as 416 condos and more than 500 parking spaces across seven buildings. The sellers' DHPI Dadeland LLC joint venture bought the property for $39 million in 2014.

Midtown Capital Partners secured a loan of around $47 million from commercial lender Berkadia to fund the purchase, with CBRE brokering the transaction.