Multi-Tenant Retail Center Changes Hands in Miami Metro
- Jul 26, 2016
Miami—Marcus & Millichap has announced the sale of Plaza at Coral Springs, a 92,968-square-foot multi-tenant shopping center located in Coral Springs, Fla.
Marcus & Millichap’s Barry Wolfe and Alan Lipsky represented the seller, an affiliate of JBL Asset Management, which is managed by Jacob Khotoveli, and procured the Toronto, Canada-based buyer. The asset was sold for $17.7 million.
“This was a unique opportunity to acquire a stable shopping center located in the heart of one of South Florida’s most established and affluent communities. The stability of the plaza is enhanced due to the strong mix of retail and professional tenants, many of which have undergone recent unit upgrades and renovations,” said Wolfe, a senior vice president of investments in Marcus & Millichap’s Fort Lauderdale office.
The property is located on 10.64 acres at 700 Riverside Drive, adjacent to Coral Square Mall, BJ’s Wholesale and Dick’s Sporting Goods. Plaza at Coral Springs contains 22 retail spaces ranging from 759 to 28,851 square feet in size. Tenants include Frank Theatres, Outback Steakhouse, Fresenius Medical Care, Jewish Community Center and Painting with a Twist, among others.
“Our aggressive marketing efforts led to offers from many local, national and international buyers. Ultimately, the most competitive offers came from buyers based outside the U.S. who understood the unique stability that this asset has experienced over the years. Even when other local centers were hit hard during the recession, this asset was able to maintain occupancy around 95 percent,” added Lipsky.
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