Fort Lauderdale mall lands $50M loan

Map of Coral Ridge Mall and the exterior
Map of Coral Ridge Mall and the exterior

Owners of the Coral Ridge Mall in Fort Lauderdale received a $50 million mortgage on Friday, according to Broward County records.

The Coral Ridge Shopping Center Trust, led by Andrew Gumberg, took the loan out for the more than 500,000-square-foot shops at 3200 North Federal Highway. JP Morgan Chase is the lender, records show.

Tenants of the mall include Target, Publix, TJ Maxx, Marshalls, Starbucks, Einstein Bros Bagels and an AMC Movie Theatre. Gumberg is chairman and CEO of Gumberg Asset Management Corp., a retail real estate asset management company based in Fort Lauderdale. It acquired the 27-acre site in 1984 for an undisclosed price, according to Broward County property records. The shopping center was developed between 1962 and 2000.

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Target anchors the property with 122,516 square feet; Publix with 47,850 square feet; AMC with 36,825 square feet; and Marshalls with 27,000 square feet. Coral Ridge Mall has more than 40 tenants, according to the leasing brochure.

Gumberg also owns the Promenade Shops in Aventura, Coral Palm Plaza in Coral Springs and the Southland Mall in Cutler Bay, according to the company’s website.