The Real Deal Miami

Pembroke Pines retail center sells for $12.5M

Miami investor acquires University Marketplace at discount from 2004 price

April 24, 2014 01:30PM

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Aerial of University Marketplace

Aerial of University Marketplace

A Pembroke Pines retail center traded for $12.5 million, according to Broward County records.

Carlsbad, Calif.-based SCI University Marketplace Fund and numerous affiliates sold University Marketplace at a $1.2 million discount from the price it paid for the center in 2004. The sale closed on April 16 and was recorded by Broward County on Wednesday. University Marketplace is located at 100 South University Drive and 8140, 8330 and 8398 Pines Boulevard.

UMP Real Estate Holding of Miami is the buyer of the 143,000-square-foot center. It obtained a $9.7 million mortgage from Cantor Commercial Real Estate Lending for the purchase.

The transaction also included a small vacant parcel. — Eric Kalis

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