The Real Deal Miami

DRA Advisors sells Plantation shops for $33M

5.5-acre property last sold for $22M in 2008

September 16, 2015 10:30AM
By Katherine Kallergis

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Plantation shops

Plantation shops

New York-based DRA Advisors has sold a shopping center in Plantation, according to Broward County records.

Plantation Marketplace Investors LLC paid $32.88 million for the nearly 5.5-acre property at 7007-7187 West Broward Boulevard. The buyer is a Coral Gables-based company.

The outdoor shopping center is anchored by Big Lots and Winn-Dixie. Other tenants include Plato’s Closet, CVS/pharmacy, Las Vegas Cuban Cuisine and Pet World.

Plantation Centre West last sold for $22 million in 2008, according to Broward property records. The 774,867-square-foot shops were built in 1980 and recently redeveloped. Equity One and Bryan Cohen were the leasing agents for the property, which has frontage on Cypress Road and West Broward Boulevard.

Mercantil Commercebank granted the buyer an $18 million mortgage, records show.

The seller, DRA Advisors, is an investment advisor with more than $6 billion in assets under management. Included in those: Pinnacle Corporate Park in Fort Lauderdale and Waterford at Blue Lagoon in Miami.