To develop a shopping center in Doral, Florida, SJC Ventures has been lent $69.4 million in financing.
Known as Doral Marketplace, the 83,329-square-foot property will be located at the intersection of Northwest 41st Street and Northwest 107th Avenue. Once built on a 10-acre site, it will be within 14 miles to the west of downtown Miami.
Currently, the property includes 12 tenants and is 69 percent released. A total of five buildings will appear in Doral Marketplace, with an undisclosed national organic grocery brand headlining the area.
CBRE arranged the construction financing for SJC, with the company’s Richard Henry (senior vice president), Mike Ryan, Brian Linnihan, and JP Cordeiro, representing the borrower.
“This is a really special piece of real estate, and we are very proud to have worked with the SJC team on this project,” Henry of CBRE said.
“SJC Ventures is an exceptional developer and Doral Marketplace will make a perfect addition to the neighborhood.”
Since its founding in 2007, SJC has developed and acquired more than 60 projects in the U.S., which include mixed-use, multifamily, and office asset classes in addition to retail.
The move for the shopping center by the Altanta-based firm follows its collaboration with property investment firm, Armada Hoffler to purchase The Interlock for $215 million. SJC was working on the Class A mixed-use asset in Atlanta’s West Midtown as a master developer.
The Sunbelt has been a hot area for real estate developers to explore thanks to mass migration from not only businesses but consumers to the market.