LA firm buys shopping plaza in Coconut Creek

The 29,932 sf shopping center traded for about $284 psf

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

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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