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

Aldi inked a ground lease, plans 2018 opening

Miami /
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

arrow_forward_ios
A photo illustration of the Sunrise on the Green Condominium Residences at 4001 North University Drive in Sunrise (ApartmentFinder, Getty Images)
Duncan Hillsley fattens up rental portfolio with $25M bulk condo purchase in Sunrise
Duncan Hillsley fattens up rental portfolio with $25M bulk condo purchase in Sunrise
From left: Sotheby’s Daniel de la Vega and Reagan Jefferies with Brevard County
One Sotheby’s picks up Brevard County brokerage
One Sotheby’s picks up Brevard County brokerage
10181 US Highway 98 West and 39 Sandy Dunes Circle (LoopNet)
Florida Panhandle estate sold for $25M
Florida Panhandle estate sold for $25M
Netscape co-founder Jim Clark and 2000 South Ocean Boulevard in Manalapan (Getty, Sotheby's)
Manalapan compound poised to sell for Florida-record $175M
Manalapan compound poised to sell for Florida-record $175M
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Nuveen Real Estate CEO Mike Nuveen and the Oasis at Springtree apartment complex at 3551 Northwest 85th Way in Sunrise (Nuveen Real Estate, Apartments.com, iStock)
Nuveen buys Sunrise apartment complex for $44M
Nuveen buys Sunrise apartment complex for $44M
Hassan Whiteside and 528 Lakeview Court in Miami Beach (Getty, Joe Azar/Compass)
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
arrow_forward_ios

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

Loading...