The outdoor shopping mall in Coconut Grove called Cocowalk has sold for $87.5 million, according to the Miami Herald.
Federal Realty Investment Trust purchased the mall from PMAT Real Estate Investments who bought it for $87 million in 2006.
The mall opened in 1990 across from the Mayfair hotel and was a popular attraction when first opened. In recent years, tenants have left leaving as much as 20% of the space vacant.
However, Coconut Grove is seeing a resurgence in the area with the addition of Grove at Grand Bay, Regatta Park, and tenants such as the Clyde Butcher Gallery Coconut Grove, Harry's Pizzeria and Panther Coffee in the Engle Building.