CocoWalk has been sold

CocoWalk was sold for $87.5 million dollars. Federal Realty Investment Trust purchased the property along with Grass River Property and Michael Comras. Grass River is a Coconut Grove company, they were sort-of partners with PointeGroup, but the two have parted ways.

Talk has been going around for quite awhile about the sale, suits have been all over the property for months, checking it out. PMAT Real Estate Investment of New Orleans were the previous owners.

Word is that the plan is to eliminate the center area where Starbucks is and open up the place. H&M and other destination stores have been mentioned as possible tenants. Which of course will take a year or more for that to happen, if it does. Their goal is to get more local businesses and less chains in the shopping center. So the H&M plan is sort of contradictory, but it is a destination and exactly what Coconut Grove needs.

The group who bought CocoWalk is said to have also purchased Sunset Place in South Miami.

Last week the BID Board chose the PointeGroup to receive a seat on the board, overriding Grass River Property, who wanted a seat. Now that they are the largest landowner and contributor monetarily to the BID, looks like Grass River will be receiving their seat(s) on the board. But they only own 10% of CocoWalk, Federal Realty Investment owns 80% and Michael Comras, the remaining 10% , so who knows.