Developer Oscar Barbara buys Sunrise retail, plans mixed-use project

Aldi inked a ground lease, plans 2018 opening

Nov.November 21, 2017 01:00 PM

Site of the shopping center in Sunrise

Developer Oscar Barbara paid $12.6 million for a shopping center in Sunrise, where he said he plans to build a mixed-use multifamily project.

A joint venture between CREC and members of the Lindemann family sold the property at 3447-3469 North University Drive, CREC Chairman and co-founder Warren Weiser said. Barbara’s Luxcom plans to build a 222-unit garden-style apartment complex on a portion of the 13.2-acre site, which is overlooking a golf course, Barbara said.

The seller, CPAC, paid roughly $4.2 million via foreclosure for the 13.2-acre property in 2012 and inked a ground lease with Aldi. It marketed the shopping center as a multifamily development site. At the time CPAC purchased the note on the University Shoppes at Sunrise, it was a 135,000-square-foot shopping center with a vacant 103,500-square-foot BJ’s Wholesale Club.

Site plan for the mixed-use multifamily project

Aldi will open by the end of next year, Barbara said. The developer will break ground on the rental project in the third or fourth quarter of next year and complete the building within 18 months. Rents are expected to be between $1.70 to $1.80 per square foot, Barbara said.

Andrew Remick of CREC and Peter Mekras, managing director of Aztec Group, represented CPAC in the sale.

Luxcom, based in Coral Gables, has built 10,000 residential units to date and has five commercial and residential projects underway in the tri-county region.

Just last month, Rilea Group announced it planned to tear down part of a Sunrise shopping center and build an apartment complex in its place. The Miami developer would replace part of the Village Shoppes of Pine Plaza at the corner of Pine Island Road and Northwest 44 Street with a 288-unit apartment complex.

Earlier this year, a joint venture between CREC and Lubert Adler Real Estate Funds sold a shopping center in Coral Springs for $48 million to Zurich Alternative Asset Management, a subsidiary of Zurich Insurance Group.

Related Articles

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

Joseph Kavana a rendering of Metropica and a Stefan Szczesny sculpture

Art Miami sculptures to fill Metropica

From left: Andrea and Renzo Rosso

Diesel family dishes on Wynwood condo project

Clockwise from left: MG3 Developer Group’s principals Gustavo Bogomolni, Hernan Leonoff and Marcelo Saiegh with 789-799 International Parkway (Credit: Google Maps)

MG3 pays $33M for office buildings near Sawgrass Mills

Sawgrass International Corporate Park

Brookdale buys back Sawgrass Park portfolio for $80M

Ken Stiles and The Westerra development site in Sunrise (Credit: Stiles Corp.)

Stiles sells site of planned Sunrise mixed-use project

Photo illustration of Grant Cardone (Credit: iStock)

A look at Grant Cardone’s real estate portfolio and how he raised $15M in 90 minutes at Marlins Park

State report finds open gas valve fueled building explosion at Plantation shopping center

State report finds open gas valve fueled building explosion at Plantation shopping center