The Real Deal Miami

Sterling picks up Pompano Citi Centre

May 01, 2012 03:45PM

Faison Founder Henry Faison (top), Sterling Organization CEO Brian Kosoy (bottom) and Pompano Citi Centre

The Sterling Organization acquired Pompano Citi Centre, a 908,000-square-foot shopping center, for more than $15 million, the South Florida Business Journal reported. The complex covers 60 acres at the southwest corner of Federal Highway and Copans Road in Pompano Beach. Its anchor tenants include JCPenney, Ross Dress for Less, Big Lots and Office Depot. Pompano Citi Centre also has a Macy’s, Sears and Lowe’s, but those retailers own their storefronts.

The shopping center was sold by Faison, which acquired it for $8 million as an enclosed mall and redeveloped it in 2006 to transform it into the open-air shopping center it is today.

“We were impressed by Faison’s vision for this property and we are looking forward to building upon that vision,” said Sterling CEO Brian Kosoy. “With a few improvements and some fresh capital and ideas, Pompano Citi Centre is going to be the area’s destination shopping center.” [SFBJ]