Miami firm invests in Lauderdale Wal-Mart project
The investment arm of Miami-based real estate merchant banking firm Aztec Group grabbed a stake in the Wal-Mart Supercenter-anchored Riverbend Marketplace project under construction in Fort Lauderdale.
Aztec’s Mayan Properties made a $5 million investment in the 190,000-square-foot development, according to a written statement from a company spokesperson. Wal-Mart is set to occupy 186,000 square feet at the 2400 West Broward Boulevard shopping center. Gatlin Development is building the $50 million Riverbend Marketplace in two phases.
Mayan Properties previously invested $3 million in Gatlin’s portfolio of three Jacksonville retail centers.
The deal was arranged by Mayan director of investments James Fried and director Jason Shapiro and Aztec director Sean Harrington.
“As South Florida’s appetite for new retail developments in both suburban and urban neighborhoods continues to intensify, we felt investing in the group-up development of Riverbend Marketplace was the right move,” Shapiro said. “Mayan’s approach to investing in high-caliber projects led by best-in-class sponsors has demonstrated a long track record of positive returns.” — Eric Kalis