Kendall’s Publix mall secures $36 million renovation loan

12955 Southwest 112th Street (Aztec Group)

A duo of Miami Lakes investors have secured a $35.6 million loan for a major overhaul of their anchored Publix mall in Kendall.

An entity managed by Michael and Spencer Friedman, who run CF Properties, a Miami Lakes-based commercial real estate investment and management firm, owns Crossings Shopping Village at 12955 Southwest 112th Street.

Howard Taft, Charles Penan and Joel Zusman, along with Miami-based real estate investment and merchant banking firm Aztec Group, secured funding for Valley Bank’s Crossings Shopping Village renovation project, according to a statement.

In 1987, the Friedmans paid $6.9 million for the 106,600 square foot mall, which was built in 1982, records show. In addition to Publix, the mall’s tenants also include CVS and YouFit, the statement said.

The funding will cover the construction of a new 47,000 square foot Publix, as well as a new facade, parking, lighting and landscaping, the statement said. A portion of the funds will also be used to acquire a parcel of land adjacent to the corner of 112th Street Southwest and 132nd Avenue Southwest occupied by a gas station.

In a statement, Aztec Group’s Zusman said Publix had been the mall’s anchor tenant for 40 years and recently renewed a long-term lease. The new grocery store will ensure the future strength and stability of Crossings Shopping Village, Zusman added.

Founded in 1993, CF Properties has 10 properties under management in a variety of asset classes totaling approximately 1 million square feet, according to the company’s website.

Publix-anchored shopping malls are typically hotspots in South Florida’s retail industry. In February, Jacksonville-based Sleiman Enterprises paid $48 million for Delray Square in Delray Beach. Built in 1976 on 16 acres, the mall was redeveloped in 2019 with Publix moving into a new 45,600 square foot building.

In December, German firm Union Investment bought the fully leased Publix-anchored Fountains of Boynton shopping center for $79.5 million. And two months earlier, in a blockbuster deal, a joint venture of Kimco Realty and Blackstone had paid $425.8 million for a 70% stake in five outlet malls anchored in South Florida Publix and one in Georgia.

Edwin S. Wolfe