Partnership sells strip mall in Deerfield Beach for $13M

The partnership bought the property in 2015 for $10.5M

Miami /
Sep.September 15, 2017 05:00 PM

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.


Related Articles

arrow_forward_ios
Dan Deitchman and Koby Assaraf with a rendering of Industry | Oakland Park
Oakland Park developer partners with former Link Real Estate exec on new firm
Oakland Park developer partners with former Link Real Estate exec on new firm
Freedom Marina and Pennell’s Marina (Courtesy of William Cunningham III)
Two Deerfield Beach marinas sell for $18M, buyer plans multifamily project
Two Deerfield Beach marinas sell for $18M, buyer plans multifamily project
Renderings of the project (Group P6)
Group P6 lands $69M construction loan for Boca Raton project
Group P6 lands $69M construction loan for Boca Raton project
Centrum’s Arthur Slaven and an aerial view of the project (Deerfield Beach City Commission)
Centrum’s Deerfield Beach multifamily project advances
Centrum’s Deerfield Beach multifamily project advances
Alex Sapir and Bella Sapir (Credit: Mark Von Holden/WireImage via Getty Images, and ADRIEL REBOH/Patrick McMullan via Getty Images)
Alex Sapir’s family closes on condos at Sapir’s Arte in Surfside
Alex Sapir’s family closes on condos at Sapir’s Arte in Surfside
La Quinta hotel at 100 Southwest 12th Avenue and CorePoint CEO Keith A. Cline (Google Maps)
CorePoint Lodging sells Deerfield Beach La Quinta for $6M
CorePoint Lodging sells Deerfield Beach La Quinta for $6M
Renderings of the project and Gil Dezer (Getty; Renderings via  Zyscovich Architects)
Dezer’s 30-acre megaproject in North Miami Beach gets first approval
Dezer’s 30-acre megaproject in North Miami Beach gets first approval
Founder and CEO of IT'SUGAR Jeff Rubin, and BBX CEO Alan Levan (Credit: Denise Truscello/Getty Images)
It’Sugar files for bankruptcy protection after sales sour
It’Sugar files for bankruptcy protection after sales sour
arrow_forward_ios

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

Loading...