The Real Deal Miami

Firm tied to LA Rams’ Stan Kroenke sells retail plaza in North Lauderdale

Deal breaks down to about a little more than $190 psf
By Amanda Rabines | March 19, 2018 06:15PM

Arena Shoppes Phase II renderings and Stanley Kroenke (Credit: Arena Shoppes, Twitter)

A partnership tied to the Kroenke Group, led by billionaire Stan Kroenke, just sold a retail strip center in North Lauderdale for $7.15 million, property records show.

Miami-based Arena Capital Holdings is the buyer of the portion of Arena Shoppes, which includes about 37,200-square feet of retail space at 7210 and 7290 West McNab Road. The seller is a partnership between North Lauderdale Associates, led by R. Otto Maly; and Gordon Property Company III, led by James N. Gordon. Maly was formerly vice president of the Kroenke Group, which has partnered with Gordon in the past to invest in shopping center development projects. Kroenke owns multiple sports teams including the NFL’s Los Angeles Rams.

The deal breaks down to about a little more than $190 per square foot. Previous sales information was not available. Miami Lakes-based BankUnited provided $6.76 million in financing.

Arena Capital Holdings, led by Oscar Rodriguez Jr., bought the first phase of the property at 7300 West McNab Road in 2016 for $7 million. Tenants there include Ross Dress For Less, Youfit Health Clubs and Dollar Tree.

The second portion of the project was built in 2000, records show. Tenants include China Wok and a Metro PCS. Spaces range from 1,200 square feet to 10,000 square feet, according to marketing materials.

Arena Capital Holdings also owns a recently completed retail center in Hialeah, anchored by a Hobby Lobby.