The Real Deal Miami

REIT pays $32.6M for Davie shopping center

Property last traded for $22M four years ago

August 07, 2015 05:15PM
By Sean Stewart-Muniz

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The Shenandoah Square shopping center in Davie

A Denver, Colorado-based real estate investment trust just purchased the Shenandoah Square shopping center in Davie for $32.6 million, Broward property records show.

The 14-acre shopping center was built in 1989 and features one main 126,351-square-foot building that’s anchored by Publix, Walgreens and Dollar Tree. Also included in the sale were three small outparcels situated along State Road 84.

It was last sold for in 2011 for $21.95 million to an affiliate of Global Investments Fund, a real estate company that specializes in acquiring, developing and managing shopping centers. The property includes three outparcels. One of them appears to be undeveloped, while the other two are occupied by a gas station and a bank. The property’s remaining two outparcels were sold off in previous years and house a McDonald’s and Tire Kingdom, according to Broward County property records.

After four years of ownership, Global has sold its investment for a roughly $10 million premium. The buyer is an affiliate company of the Dividend Capital Total Realty Trust, headquartered in Denver, Colorado.

The trust’s parent, Dividend Capital Diversified Property Fund, owns 58 properties spread throughout 21 markets, according to its website. Its holdings total more than 9 million square feet of real estate.