The Real Deal Miami

Partridge family picks up Pompano shopping center for $50M

Sale was Pompano's priciest retail deal so far this year

November 28, 2016 03:10PM
By Sean Stewart-Muniz

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Shopper's Haven retail center in Pompano Beach

Shopper’s Haven retail center in Pompano Beach

No, not that Partridge family.

County records show Chris and Carmen Partridge, a pair of real estate investors, just paid $50 million to buy the Shopper’s Haven retail center in Pompano Beach from investment trust Brixmor Property Group.

The sale marks Pompano’s biggest in its commercial sector this year, giving another example of how the city’s property values are rising amid a new wave of development.

Located at 3301 North Federal Highway, the 206,791-square-foot shopping center was built in 1964 and is anchored by Winn-Dixie. The deal breaks down to just below $242 per square foot. Kolec Ndoja of RE/MAX First was the broker.

Data from the CoStar Group shows the property is 99 percent leased, though its asking rent was not disclosed.

Shopper’s Haven has traded hands several times through a series of REIT mergers and acquisitions, most recently when the Centro Properties Group — which later changed its name to Brixmor — bought out the Heritage Property Investment Trust in 2006 as part of a $3.2 billion deal. The retail property’s last outright sale was in 1999 when it sold for $11 million.

According to CoStar, the deal is Pompano’s priciest so far this year, nearly doubling the second highest, Nightingale Properties’ $28 million sale of the Palm Aire Marketplace for $227 per square foot. The city is undergoing a wave of new development as builders seek cheaper land north of Miami-Dade County.

The Partridges financed their purchase with a $25 million loan from First Republic Bank.

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