Weston retail buildings sell for nearly $17M

Walgreens at 4473 Weston Road
Walgreens at 4473 Weston Road

Two retail buildings in Weston changed hands for $16.6 million, The Real Deal has learned.

A company managed by Scottsdale, Ariz.-based real estate investment trust Spirit Realty Capital sold the buildings at 4471-4473 and 4477 Weston Road, according to Broward County records. The buyer is SRA/Weston Shops, a Miami Beach company that shares a mailing address with veteran real estate firm Savitar Realty Advisors. Savitar most recently led the redevelopment of the former Lincoln Theatre in Miami Beach into a flagship H&M store.

SRA/Weston obtained a $12.5 million loan from Bank of America for the acquisition. Broward County recorded the sale and financing transactions on Wednesday.

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The buildings total about 32,000 square feet on more than four acres. Tenants include Chipotle and Walgreens. The properties last sold for $16.4 million in July 2008.

This is the second expensive retail sale in Broward County this month. A Publix-anchored shopping center in Southwest Ranches was sold for more than $23 million to a Cincinnati investor. — Eric Kalis