Investors pay $18.5 million for Margate shopping center
The Penn Dutch Plaza in Margate was just sold to a pair of local investment companies for $18.5 million.
Located at 3105-3285 North State Road 7, the 19-acre plaza was first built in 1988 and measures 171,776 square feet.
It’s anchored by Penn Dutch Food Center, from which the plaza gets its name, YouFit Health Club and Florida Career College, according to a LoopNet listing.
The plaza has been owned for roughly seven years by an affiliate of New York’s DRA Advisors, an investment adviser that has roughly $6 billion in assets under management. DRA has been active in the South Florida commercial market in recent years, selling several shopping centers — including a Boca Raton complex that traded in February for nearly $51 million.
The affiliate acquired the property in 2008 for $12 million, or roughly $70 per square foot.
Now, a pair of investment companies based in Broward County have paid nearly $108 square feet. The parties are Ross Realty Advisors from Davie and SunCap Real Estate Investments from Fort Lauderdale.
The two financed their acquisition with a $13 million loan from National Cooperative Bank.