The Real Deal Miami

Broward shopping centers trade for $26M

Cincinnati real estate investment trust Phillips Edison is the buyer

June 05, 2014 01:30PM

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Park View Square

Park View Square

A pair of real estate investment trusts traded the Winn-Dixie-anchored Park View Square shopping center in Miramar for $14.5 million and a Publix-anchored center in Coconut Creek for $11.5 million.

Phillips Edison-ARC Shopping Center REIT of Cincinnati acquired Park View at 17051 Miramar Parkway property in a transaction recorded on Wednesday, according to Broward County records. The company did not obtain financing for the purchase. The 72,000-square-foot Park View was constructed in 2003.

A company tied to Dallas-based ICRE REIT Holdings sold the center to Phillips. The company shares a mailing address with Invesco Real Estate. It paid $13.1 million for the property in December 2007.

Phillips also purchased the 63,000-square-foot Coconut Creek center from an Invesco company, which paid $12.05 million in 2007 for the 4760 West Hillsboro Boulevard property.— Eric Kalis

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