The Real Deal Miami

Canadian investor pays $17M for Coral Springs retail plaza

Sellers had purchased property for $13m more than a decade ago
By Sean Stewart-Muniz | June 24, 2016 01:30PM

Plaza at Coral Springs

Plaza at Coral Springs

A company led by William Wiener, who’s been buying prominent pieces of Miami real estate, just paid $17.7 million for a large Coral Springs retail plaza.

County records show 35 Oak U.S. 5 just closed its purchase of the Plaza at Coral Springs on Tuesday. The property is a 96,280-square-foot shopping center with three adjoined retail buildings and two outparcels, all situated on about 10.5 acres.

Some of the plaza’s tenants include Broward Kidney Centers, which occupies an outparcel; Frank Theatres, a movie theater company; the United States Swim Academy; Outback Steakhouse and I Love Kickboxing.

The seller was an affiliate of JBL Asset Management, a Coral Springs-based real estate company that specializes in acquiring, managing and developing shopping centers in the Southeastern U.S.

JBL paid $13 million, or about $135 per square foot, for the plaza in 2005. After more than a decade, it has sold the Plaza at Coral Springs for nearly $184 per foot.

Marcus & Millichap’s Barry Wolfe and Alan Lipsky represented both the buyer and seller for this deal.

“The most competitive offers came from buyers based outside the U.S. who understood the unique stability that this asset has experienced over the years,” Lipsky said in a statement. “Even when other local centers were hit hard during the recession, this asset was able to maintain an occupancy [of] around 95 percent.”

Just to the south, Woolbright Development sold the Plaza at Coral Springs II to Cascade Ventures for $27.4 million.

The buyer, Wiener, manages a multitude of companies under the “35 Oak U.S.” name. One of his recent acquisitions was the $13 million purchase of Edgewater’s Latin Cafe 2000, which occupies a prime piece of land along Biscayne Boulevard in the rapidly redeveloping neighborhood.

Companies managed by Wiener have also bought six residential properties in the 400 block of Northeast 27th Street within the last year. Those companies have shared addresses with Bilnia Investments, a Canadian commercial real estate investment firm founded by Daniel Wiener in 1952.

For this most recent deal in Coral Springs, Wiener’s company financed its purchase with an $18.5 million loan from Ocean Bank.