University Marketplace retail center in Pembroke Pines sells for $21.2M

The property is 98 percent leased

Miami /
Jul.July 18, 2017 05:50 PM
 

UPDATED July 19, 12:15 p.m.: A Pembroke Pines retail center, known as University Marketplace, just sold for $21.25 million.

UMP Real Estate Holding, an entity of the Miami-based Arena Capital Holdings, sold the 150,000-square-foot retail center at 100 South University Drive and 8140, 8330 and 8398 Pines Boulevard for about $142 per square foot.

Cushman & Wakefield marketed the building on behalf of the seller.

The buyer is an affiliate of Elmer, New York-based Bellino Equities, led by Michael and Stephen Bellino, a spokesperson for Arena Capital told The Real Deal. Todd Nepola of Current Capital Real Estate Group represented the buyer. He told TRD that Bellino Equities plans to renovate the property.

Records show Arena Capital bought the retail center in 2014 for $12.5 million, including an adjacent vacant parcel. That same year the company landed a $9.7 million mortgage from Cantor Commercial Real Estate Lending for the purchase.

The retail center traded for 72 percent more than its 2014 sale price, after renovations including painting and exterior improvements, as well as renewing and adding tenants, which brought occupancy from 90 percent to 98 percent, the Arena spokesperson said. Tenants include the nightclub Cafe Iguana, Beverly’s Pet Center and Fallas Superstore.

A number of projects are in the works in Pembroke Pines.

Just this week, Atlanta-based developer TPA Group announced plans to build a 330,000-square-foot class A office park in Pembroke Pines. Also in the works is Terra Group’s Pembroke Pines City Center, a 47-acre mixed-use project with retail, office and residential components.

Harunobu Coryne contributed reporting. 


Related Articles

arrow_forward_ios
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Q2’s largest retail transaction: Regal Acquisitions’ $34 purchase of CVS-anchored retail at Boulan South Beach hotel (Google Maps)
South Florida’s retail market slowly emerges from pandemic woes in Q2
South Florida’s retail market slowly emerges from pandemic woes in Q2
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
Harbor Group president Richard Litton and AIR Communities CEO Terry Considine in front of the apartment complex (Harbor, AIR, City Center on 7th)
Aimco spinoff buys Harbor Group’s Pembroke Pines apartments for $223M, marking largest South Florida multifamily sale this year
Aimco spinoff buys Harbor Group’s Pembroke Pines apartments for $223M, marking largest South Florida multifamily sale this year
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
arrow_forward_ios

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

Loading...