The Real Deal Miami

LA firm buys shopping plaza in Coconut Creek

The 29,932 sf shopping center traded for about $284 psf
October 16, 2017 10:30AM

Regency Lakes Village Center, Inset: Patricia Friend and David Donnellan

Los Angeles-based Pacific Equities Capital Management Corp. just bought a shopping center in Coconut Creek for $8.5 million, according to the firm that brokered the deal.

The 29,932-square-foot shopping center, located at 6310 and 6370 North State Road traded for about $284 per square foot.

Records show the seller, Regency Lakes Village Center Partners, LLC, bought the property in 2003 for $3.4 million. The company is tied to ServiceStar Capital Management, a real estate developer and investor based out of Greenwood Village, Colorado.

CBRE’s David Donnellan and Patricia Friend represented the seller. The shopping center, built in 2006, is located on the corner of State Road 7. It sits on a 6.3-acre lot, records show.

Tenants at the Regency Lakes Village Center include KLA Schools, Landlubber’s Bar & Grill, Sette Mezzo Ristorante, South Florida Children’s Orthopedics, A&B Pediatric Dentistry, and Luxury Nails.

The shopping plaza sold at time when mall owners are trying to think of creative ways to “Amazon-proof” their properties. Donnellan, in a statement, said the plaza exhibits an “e-commerce resistant tenant roster.”

Developers investing in Coconut Creek have shown interest in its multifamily communities. Just this week, Advenir, an Aventura-based real estate investment firm, paid $64.5 million for a rental community nearby. In August, a company managed by TIAA-CREF paid $45.3 million for a 268-unit apartment complex in Coconut Creek. – Amanda Rabines