Lime Fresh Mexican Grill Opens, Best Buy Mobile Signs Lease at Shops of Kendall (Miami)

July 26, 2012

Lime Fresh Mexican Grill Opens, Best Buy Mobile Signs Lease at Shops of Kendall (Miami)

Press Release

Thursday, July 26, 2012

Lime Fresh Mexican Grill Opens, Best Buy Mobile Signs Lease at Shops of Kendall (Miami)

Lime Fresh Mexican Grill Now Open at Shops of Kendall (Miami)
Best Buy Mobile Signs 5 Year Lease at Center on N. Kendall Drive

PALM BEACH, Fla. – Sterling Organization, a privately owned retail real estate investment and services company headquartered in Palm Beach, is pleased to announce the opening of Lime Fresh Mexican Grill at Shops of Kendall, which is located on N. Kendall Drive in Miami. The restaurant signed a 10-year lease agreement with Sterling in June of 2011, and is opening its doors for the first time this week.

Sterling has also signed a 5-year lease agreement with Best Buy Stores, L.P., a leading multi-channel global retailer and developer of technology products and services. The company plans to open a Best Buy Mobile specialty store in the 3,317-square-foot space adjacent to Lime Fresh Mexican Grill, filling the last remaining space in the newly redeveloped outparcel fronting N. Kendall Drive. The open date is expected to be at the end of the year. Craig Fetherston of The Shopping Center Group represented Best Buy.

At 103,143 square feet, Shops of Kendall is located just west of the Florida Turnpike at the southeast corner of SW 127th Ave. and North Kendall Drive. Along with the turnpike, the Palmetto and South Dade Expressways also have full interchanges on North Kendall Drive, making the property extremely accessible. More than 200,000 people live within three miles, with an average household income of $66,368. The center was originally developed in 1974 and is currently undergoing renovations, including an update to its façade.

“The addition of Best Buy Mobile to this outparcel that also includes Anthony’s Coal Fired Pizza, Yogurtland and Lime Fresh Mexican Grill is exactly how we wanted to complete Phase I of the redevelopment of this center,” said Greg Moross, COO of Sterling Organization. “We expect to attract even more quality tenants like Best Buy to this center as we complete the updates to the rest of the property.”

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About Sterling Organization

Sterling Organization is a vertically integrated private equity real estate firm that has an established track record of providing exceptional risk-adjusted returns to its partners, in both relative and absolute terms. The company is focused on investing in value-add anchored retail real estate assets in select major U.S. markets on behalf of Sterling’s principals in partnership with the highest quality institutional and high net worth investors. Sterling Organization currently owns retail and commercial real estate in Arizona, Colorado, Florida, Georgia, Illinois, North Carolina, Tennessee and Texas, with an aggregate value approaching $1 billion. Sterling Organization is headquartered in Palm Beach, Florida.