Plantation development site sold for $7.5M

New owners control 20-year lease with TD Bank

TRD MIAMI /
Sep.September 01, 2015 01:30 PM

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.


Related Articles

arrow_forward_ios
IMC Equity Group CEO Yoram Izhak, and 1800 Northwest 66 Avenue (Credit: Google Maps)

IMC Equity Group snags industrial buildings in Plantation for $11M

6600 Northwest 14 Street (Credit: Google Maps, iStock)

Mindful Management makes conscious Plantation purchase

Plantation gas explosion (Credit: Getty Images)

Open gas valve at closed pizzeria caused Plantation gas explosion: report

State report finds open gas valve fueled building explosion at Plantation shopping center

State report finds open gas valve fueled building explosion at Plantation shopping center

Plantation Pointe

Torburn Partners scores $50M construction loan for office building at former Motorola campus in Plantation

Plantation shopping center where an apparent gas explosion occurred on Saturday

Plantation shopping center that exploded will be demolished

Breaking news: Apparent gas explosion rips Plantation shopping center

Breaking news: Apparent gas explosion rips Plantation shopping center

Trammell Crow Residential CEO Ken Valach and 339 North State Road 7 Plantation

Trammell Crow buys Plantation offices to build apartment complex

arrow_forward_ios