The Real Deal Miami

Investor pays $23M for Broward retail center

November 12, 2013 01:00PM

Coquina Plaza

Coquina Plaza

A large shopping center in Southwest Ranches has traded for more than $23 million, The Real Deal has learned.

Atlanta-based U.S. Retail Income Fund V sold Coquina Plaza at 15701-15801 Sheridan Street last week, according to Broward County records. The buyer of the Publix-anchored center is a company managed by Cincinnati-based Phillips Edison & Co.

Phillips Edison is a fully integrated real estate company with property management, leasing, development and acquisitions arms, according to its website. It specializes in adding value to retail properties. Coquina Plaza is the only tri-county retail property in the company’s current portfolio.

As part of the transaction, Phillips assumed a $7.3 million mortgage from Aviva Life & Annuity.

The 74,000-square-foot Coquina Plaza was developed on 11 acres in 1999. Other tenants include Subway and Walgreens. — Eric Kalis