The Real Deal Miami

Waterstone Capital buys Sunrise retail center

June 15, 2012 12:45PM

Private investment group Waterstone Capital has paid $3.48 million for Springtree Center in Sunrise. The 46,760-square-foot retail center is located at 8027 West Oakland Park Boulevard. CBRE’s William Strauss marketed the asset for sale and negotiated the deal on behalf of seller Springtree. “There is a strong investor demand to purchase well-located retail properties priced below replacement cost,” Strauss said. “Springtree Center was purchased as a long-term investment with significant opportunity to add value through lease up and capital improvements.” Waterstone, which is based in Bal Harbour, specializes in acquiring distressed and underperforming loans and properties. Springtree was 32 percent occupied at the time of closing, with anchor tenants including Mattress Giant and CSS Financial Services. — Alexander Britell