The Real Deal Miami

Plantation development site sold for $7.5M

New owners control 20-year lease with TD Bank
A representative photo of the bank location from its marketing materials and an overheard view of the lot at 12391 West Sunrise Boulevard

A representative photo of the bank location from its marketing materials and an overheard view of the lot at 12391 West Sunrise Boulevard

An outparcel in Plantation that’s being developed into a bank location was just sold for $7.5 million, according to Broward County property records.

The lot measures 0.99 acres and is located at 12391 West Sunrise Boulevard, on the southwestern corner of a shopping plaza anchored by Best Buy and The Fresh Market.

Its previous owner, RD Sunrise LLC, had paid $2.95 million for the property in 2012. The company began demolition work on the property in 2014, and signed a ground lease with TD Bank soon after.

RD Sunrise is headed by Douglas M. MacMahon and Robert I. Parks III, who are affiliates of Texas-based Moran Capital LLC.

No commencement notices for construction have yet been filed. Marketing materials for the site, produced by Atlantic Retail Investment Services, show that the site was being advertised as an investment opportunity with a long-term ground lease. The bank location, which will measure 2,500 square feet, will be occupied by TD Bank for the next 20 years — with the option of extending by four or five years. Its asking price was $7.537 million.

Records show that a New York-based company paid the full asking price in a deed filed last week. The company is Abbey Automate Inc., which is managed by Steven Feinberg, Linda Scholnick and Celia Hecht.