Janoura Realty picks up Deerfield shopping center for $14M

Miami /
Oct.October 05, 2016 11:15 AM

Michael Janoura’s Janoura Realty just bought a Deerfield Beach shopping center from Divito Enterprises for $13.95 million, marking the company’s second retail trade in South Florida in two months.

County records show Janoura bought the Village Mart Shopping Center, a 73,000-square-foot retail strip at 718, 784 and 814 South Federal Highway that was built in the 1970s on six acres of land. The deal breaks down to $191 per square foot.

The sale was brokered by Gary Broidis of Atlantic Commercial Group. According to data from the CoStar Group, the Village Mart is 71 percent occupied with asking rents between $13 and $25 per square foot, triple net. Janoura financed the purchase with a $12.95 million loan from Florida Community Bank.

Broidis said in an announcement that many of the center’s businesses have occupied the strip for more than 15 years, giving Janoura the opportunity to upgrade and re-tenant the property.

Divito, the seller, has owned the strip since 1985, when he acquired it from the Central Bank & Trust Co. for an unknown amount, according to county records.

As The Real Deal reported earlier in January, Deerfield Beach has seen a flurry of commercial and retail property trades over the past year as the city grows in popularity among South Florida investors. Last year, a shopping center similar in size to the Village Mart sold between investors for $10.5 million, or about $172 per square foot.

Janoura’s acquisition of Village Mart is the company’s second property trade in just two months. In September, the company sold the Lincoln Park Delray shopping center for $12.85 million, using the same entity for both that purchase and this latest deal, according to county records.


Related Articles

arrow_forward_ios
100 Fairway Drive, Deerfield Beach with Ally Visram and Howard Wurzak (Wurzak Hotel Group, Google Maps)
Wurzak buys Deerfield Beach DoubleTree for $27M
Wurzak buys Deerfield Beach DoubleTree for $27M
LM Restaurants' Lou Maoshakos and an aerial view of 1755 Southeast Third Court in Deerfield Beach (Facebook/LM Restaurants, Google Maps)
LM Restaurants plans waterfront eatery, hotel in Deerfield Beach
LM Restaurants plans waterfront eatery, hotel in Deerfield Beach
James Batmasian and Palm Trails Plaza at 1101-1149 South Military Trail in Deerfield Beach (Getty Images)
James Batmasian buys Walmart shopping center in Deerfield Beach
James Batmasian buys Walmart shopping center in Deerfield Beach
Barron Real Estate principal Charles Ladd with JBL Asset Management Managing Partner Jacob Khotoveli and Plantation Marketplace at 7023 West Broward Boulevard in Plantation and Rivertowne Square at 1015 South Federal Highway in Deerfield Beach (Google Maps, LinkedIn, JLL)
Grocery store-anchored shopping center sales ignite South Florida’s retail market
Grocery store-anchored shopping center sales ignite South Florida’s retail market
Cabot Properties' Franz Colloredo-Mansfeld with Miramar Centre Business Park (Cabot, iStock) Lease, Logistics
Lease roundup: Ryder Logistics leases 150K sf at Miramar Centre Business Park
Lease roundup: Ryder Logistics leases 150K sf at Miramar Centre Business Park
Bridge Investment drops $15M for Dolphin Carpet & Tile building in Deerfield Beach
Bridge Investment drops $15M for Dolphin Carpet & Tile building in Deerfield Beach
Bridge Investment drops $15M for Dolphin Carpet & Tile building in Deerfield Beach
Ofizzina office tower in Coral Gables (TSG)
Lease roundup: Consulate General of Barbados, NY investment firm moving to Ofizzina in Coral Gables
Lease roundup: Consulate General of Barbados, NY investment firm moving to Ofizzina in Coral Gables
Ronny Finvarb and the Deerfield beach property (Google Maps)
Ronny Finvarb buys Deerfield Beach mixed-use property for $9M
Ronny Finvarb buys Deerfield Beach mixed-use property for $9M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...