The Real Deal Miami

Mexican buyer picks up new Davie shopping center for $6M

Target sold the land to the developer last year for $1.55M

August 18, 2016 11:15AM
By Katherine Kallergis

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Lakeside Town Shops and broker Fabio Faerman

Lakeside Town Shops and broker Fabio Faerman

A Mexican investor paid $6.13 million, or nearly $900 per square foot, to acquire a newly completed shopping center in Davie.

An affiliate of Coral Springs-based Edgewood Investment Partners sold the Lakeside Town Shops, broker Fabio Faerman told The Real Deal. Records show Weston-based Raft Capital Corp. is the buyer.

The 6,831-square-foot property is fully leased to triple-net tenants Starbucks, Chipotle and Pacific Dental Services, Faerman, of Fortune International Realty/FA Commercial, said. They all signed new 10-year leases.

EIP at Davie LLC bought the land from Target in July 2015 for $1.55 million, and completed the building this year. Lakeside Town Shops, at 5796 South University Drive, is near Home Depot, Super Target and a number of other national chains. It’s also close to a new luxury apartment complex, Parc 3400. That Davie project is currently under construction.

The property was listed for sale for $6.4 million, or nearly $937 a foot.

The buyer financed the deal with a $2.7 million mortgage from Valley National Bank. Alejandro Romano T. of Weston signed the mortgage for Raft Capital Corp.