A Texas senior living mogul bought a recently completed retail complex with a Whole Foods for $83 million, amid investor appetite for grocery-anchored properties.
An entity managed by Jonathan Perlman, who is founder and CEO of Dallas-based Tradition Senior Living, purchased Doral Marketplace on the southwest corner of Northwest 41st Street and Northwest 107th Avenue in Doral from Atlanta-based SJC Ventures, according to records and real estate database Vizzda.
The buyer assumed the seller’s $50.1 million loan, which was reassigned to the Bank of Texas.
Perlman’s Tradition Living Center offers assisted living, memory care and independent living for elders. It has properties in Dallas, Houston and Fort Worth, according to its website.
SJC Ventures –– led by Jeff DeHart, Jeff Garrison and Fain Hicks –– developed the 78,600-square-foot Doral Marketplace. It sits on 8.2 acres and includes the 38,000-square-foot Whole Foods and 40,700 square feet of strip retail, as well as 488 parking spaces.
The purchase deal breaks down to $1,056 per square foot.
SJC and New York-based Nuveen, an arm of the Teachers Insurance and Annuity Association of America, bought the development site for $32 million in 2024, and completed Doral Marketplace this year.
Grocery-anchored properties have proved a favorite among retail investors, as the asset class is immune to e-commerce growth and any resulting leasing slowdowns. Across South Florida, complexes with grocery stores have traded at a steady pace.
Nuveen paid $46.3 million in April for Aldi-anchored Coral Landings III in Margate. Grocery stores also have been buying up their real estate. Publix scooped up Fountains of Boynton shopping center near Boynton Beach for $78 million in May, and Hispanic supermarket chain Sedano’s bought a Miami shopping center for $32 million last month.
In one of the biggest known retail deals in South Florida this year, a joint venture led by Art Falcone’s Falcone Group dropped $210 million for the retail and entertainment portion of the Miami Worldcenter complex spanning downtown Miami and Park West. Falcone’s partners include Aventura-based ROK Acquisitions, led by Sergio Rok, and Andrew Mirmelli, a Miami Beach parking mogul and real estate investor, with Davis Companies, led by Jonathan Davis, and Jamestown, led by Matt Bronfman, joining as limited partners.
