The Real Deal Miami

Here’s what sold between $5M and $10M this week

A shopping center, an apartment complex and a restaurant site
June 09, 2015 11:15AM

Sample Row, Pollo Tropical, Tahiti Gardens

Three South Florida commercial properties have recently sold between $4.9 million and $10 million, in deals brokered by Marcus & Millichap.

Sample Row shops, Coral Springs: $9.8M

Sample Row, a 90,552-square-foot shopping center at 7663 Sample Road in Coral Springs sold for $9.8 million. The property was originally listed for $11 million.

Douglas K. Mandel, a first vice president of investments, Barry M. Wolfe, a vice president of investments, and Alan Lipsky, an associate, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing for the property on behalf of the seller, a private investor from Miami Beach.

The buyer was a limited liability company from North Miami, Marcus & Millichap said.

“The sale is reflective of the strong recovery of Broward County’s retail market. The property received strong interest from both local, out of area, and international investors. The ultimate purchaser is based overseas and was attracted to the property as a long-term hold with an immediate opportunity to add value,” Wolfe said in a statement.

Sample Row was built in 2001 and consists of three one-story buildings on 4.35 acres. The plaza is home to retailers including home goods stores, medical providers, and DaVita Dialysis.

Tahiti Gardens, Lauderdale Lakes: $8.7M

Tahiti Gardens, a 112-unit apartment complex in Lauderdale Lakes, sold for $8.7 million, or $77,679 per unit, according to Ryan Nee, regional manager of Marcus & Millichap’s Fort Lauderdale office.

Derek R. Gibbs and Daniel J. Cunningham, senior associates, had the exclusive listing for the property on behalf of the seller, a limited liability company from Fort Lauderdale,  and the buyer, a limited liability company from Boca Raton.

“The seller acquired the property in 2009 in distressed condition and made significant renovations,” Gibbs said in a statement. “The buyer purchased the property using non-recourse, highly leveraged bridge loan capital. He realized the opportunity to push rents, lower expenses, and either resell for a higher price or refinance and hold on a long-term loan upon maturity of the debt.”

Built in 1972, Tahiti Gardens, at 3460 Northwest 50th Avenue, consists of two two-story buildings with 60 one-bedroom/one-bathroom units, 48 two-bedroom/one-bathroom units and four two-bedroom/two-bathroom units.

Pollo Tropical, Alton Road in Miami Beach: $5M

The site of Pollo Tropical, a 4,423-square foot net-leased property at 1454 Alton Road in Miami Beach, sold for $4.925 million, Nee said.

Mandel, Benjamin H. Silver, an associate vice president of investments, and Richard Niewiadomski, an associate, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing for the property on behalf of the seller, a family from Coral Gables.

Miami-Dade property records list the owners as the Pallot family.

The buyer was a foreign investor, Marcus & Millichap said.

“The buyer realized the opportunity to capture a prime corner location in the heart of South Beach,” Silver said in a statement. “While Pollo Tropical’s lease potentially extends another 18 years, there will be significant upside by either bringing the rent to market or by redeveloping the site at the end of that term.” — Ina Cordle