The Real Deal Miami

Weston retail buildings sell for nearly $17M

November 21, 2013 10:30AM

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.

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