Developers Jimmy Tate and Sergio Rok have acquired the Riverstone Shoppes in Parkland for $5.5 million, the South Florida Business Journal reported. The 64,153-square-foot shopping center at 7299 N. State Road 7 was built in 2004 and is anchored by Beef ‘O’ Brady’s and Lady of America.
Riverstone was part of a $2 billion portfolio of distressed assets in the Southeast put up for auction by the lender, which provided $13.1 in debt on the property. It has a net operating income of almost $435,000. The starting bid was $2.5 million, and the winners, who have previously partnered with Related Group CEO Jorge Perez on South Florida real estate purchases, ultimately paid less than half the amount owed to the lender. [SFBJ]