Partnership sells strip mall in Deerfield Beach for $13M

The partnership bought the property in 2015 for $10.5M

Sep.September 15, 2017 05:00 PM

The Shoppes of Hillsboro Inset: Malcolm Butters and Sukrit Agrawal

Malcolm Butters, CEO of Coconut-Creek based Butters Construction and Development and Sukrit Agrawal, CEO of American Purchasing Services, sold a strip mall in Deerfield Beach for $12.75 million, property records show.

The Shoppes of Hillsboro, a 68,166-square-foot retail center, sold for about $187 per square foot. Records show Hallandale-based 2201 Realty LLC, led by Joseph Edelman, bought the property. The buyer assumed a $6.83 million mortgage from Wilmington Trust.

The co-seller, Miramar-based American Purchasing Services, does business as American Medical Depot. The company is a distributor of medical and surgical products and equipment. Records show Butters and his partner bought the property at 2201-2207 and 2215-2265 West Hillsboro Boulevard for $10.5 million in 2015.

Built in 1982, the 7.3-acre site includes two parcels with an inline strip and two single-tenant pads. The tenant mix includes various medical, financial and clerical businesses as well as some food services and sundry retail. High-density, multi-residential communities nearby include the retirement community Century Village.

Butters Construction is an investor, developer and contractor that mainly operates in South Florida. Some of its dealings include the $9.9 million sale of a Boca development site where the Geo Group, a for-profit operator of prisons, plans to build a new corporate headquarters.

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