The Real Deal Miami

Retail developer closes on vacant lot in Davie for $7M

The planned Pine Island Marketplace would include a grocery store anchor

June 29, 2015 11:15AM
By Katherine Kallergis

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Pine Island Road and Stirling Road

Pine Island Road and Stirling Road

A company tied to Fort Lauderdale-based Gatlin Development bought a 11.2-acre lot in Davie, according to Broward County records.

Gatlin, a real estate investment firm specializing in retail shopping center development, management and renovation, paid $7.2 million for the site at the southeast corner of Pine Island Road and Sterling Road.

Davie Planning and Zoning records from 2013 show plans for the Pine Island Marketplace,a 66,688-square-foot shopping center anchored by a standalone 39,188-square-foot grocery store. A Walmart Neighborhood Store was included in those plans.

Single-family homes and the Stirling Town Center are located west of the property, the latter of which includes a Starbucks, Cold Stone Creamery and Aroma Market and Catering.

The Rachel J. Spear Trust was the seller.

Gatlin has developed shopping centers in California, Minnesota, Tennessee and Wisconsin. In Florida, the company has 11 properties, including the planned 37-acre Riverbend Marketplace in Fort Lauderdale.