The Real Deal Miami

New Yorkers bag Plantation Fresh Market for $11M

Store was former home of Borders Books before chain went bankrupt

March 03, 2016 12:45PM
By Sean Stewart-Muniz

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The Fresh Market in Plantation

The Fresh Market in Plantation

Why buy a cart of groceries when you can walk out with the whole store?

A New York firm just paid $10.9 million for a recently leased Fresh Market building in Plantation.

The building is located at 12171 West Sunrise Boulevard near the Sawgrass Mills mall. It measures 25,021 square feet and was formerly the home of Borders Books before the company went belly up in 2011, closing all of its chains in the process.

It last sold for $3.3 million — or $131 per square foot — to a Florida limited liability company IMOB Investments in August 2010, just five months before the Borders liquidation began. Broward County records show the company is run by Maurice Egozi, Isaac Betech and Isaac Ovadia. Egozi is also a principal of the Pointe Development Group based in Bay Harbor Islands.

The property appeared to sit vacant for years until November 2013, when IMOB signed a lease agreement with Fresh Market. The gourmet grocer officially opened its doors a little more than a year later in December 2014.

Fresh Market’s double-net lease is for 12 years. The store is paying $546,172 per year, and rents are set to increase by 7 percent in 2021 and for every five-year renewal after that, according to a LoopNet listing for the property.

After securing a new tenant, and about $2.6 million worth of property improvements courtesy of Fresh Market, the ownership has now sold its holding for more than triple what it paid in 2010. The new price breaks down to $435 per square foot.

The buyer is Allegra and the Saints, which is managed by Allegra Tribec Inc., based in New York. No financing was taken with the deal, according to county records.

New York state records show Allegra is headed by Jamie Rivero Baron.