Broward retail center sells for $5.35M

Miami /
Apr.April 21, 2015 01:00 PM

An 18,000-square-foot retail complex in Davie just sold for $5.35 million, brokerage Avison Young announced Tuesday.

The retail center, named Flamingo Commons, was built in 2007 and is surrounded by a residential neighborhood.

It was last bought out of foreclosure in 2013 for $1.9 million. The buyer was LNR Partners, which is a subsidiary of LNR Property, which Starwood Property Trust and Starwood Capital Group Management bought in 2013.

Avison spent a year bringing the complex’s occupancy up — from 30 percent to 87 percent — to raise the property’s value for a future sale. It houses a variety of businesses and eateries like Dunkin’ Donuts, along with a SunTrust branch leasing an out-parcel.

Now, LNR has sold the complex to JDV Properties for more than double what it paid two years ago, according to a release. It had been on the market for two months.

Avison Young brokered the sale for both parties. The firm will also stay on to manage and lease the property for its new owner. — Sean Stewart-Muniz


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