Broward firm pays $4M for troubled St. Augustine shopping center
Plantation-based American Commercial Realty is the new owner of the mostly vacant retail property
A Broward County company bought a troubled, golf-themed shopping center in St. Augustine for a reported $4 million.
Plantation-based American Commercial Realty Corp. (ACR) bought The Shops at World Golf Village, a mostly vacant, 80,000-square-foot property that opened almost 20 years ago.
Rick Baer, president and chief operating officer of ACR, told the St. Augustine Record that the shopping center is “a great property that has been neglected.”
The biggest financial hit to the shopping center was the 2013 exit of its longtime anchor tenant PGA Tour Stop, a 31,000-square-foot golf merchandise store.
The shopping center is near the World Golf Hall of Fame in St. Augustine and the Golf World Village Renaissance St. Augustine hotel.
A company called MW Golf Properties bought The Shops at World Golf Village in 2006 for $13.5 million and subsequently lost the property in foreclosure to a bank. [St. Augustine Record] – Mike Seemuth