CocoWalk, the 198,000-square-foot open-air retail center at the heart of Miami’s Coconut Grove, sold Monday in an $87.5 million deal, placing the value just over its last sale price nine years ago.

Rockville, Maryland-based Federal Realty Investment Trust said in a statement it acquired an 80 percent interest in the property, with local firms Grass River Property and the Comras Co. taking the remaining equity stake.