Starwood and LNR Properties sell Millennium Plaza in Weston

Partnership seized the retail/office center in 2015

May.May 01, 2018 12:30 PM

Millennium Plaza and Starwood’s Barry Sternlicht (Credit: Crexi and Wikipedia)

Starwood Property Trust and special servicer LNR Properties just sold a shopping center in Weston for $13.5 million, property records show.

The 43,300-square-foot Millennium Plaza at 2800 Weston Road traded for about $312 per square foot. The buyer, KCD Associates LLC, is led by Eugene Kligmann and John Harry Stewart Sr. of Doral.

In 2013, a commercial mortgage-backed securities trust tied to LNR filed a foreclosure lawsuit against the center’s previous owner 2800 Weston Road Associates, led by David Novoseller. Records show Starwood and LNR seized the property in 2015.

Millennium Plaza features about 29,000 square feet of retail on its first floor and 14,350 square feet of office space on the second floor. Tenants include Comerica Bank, Subway, Moon Thai, La Brassa and Coldwell Banker.

The two-story retail and office center, built in 2001, sits on about 4 acres of land on the southeast corner of Weston Road and Commerce Parkway.

CBRE’s David Donnellan, David Wigoda, Patricia Friend and Sean Kelly represented the seller.

Nearby, an investment group led by Steve Witkoff is under contract to pay about $90 million for Weston Town Center, sources previously told The Real Deal. 

The suburban Broward County town is in the midst of new residential development. Elad National Properties is building a townhome project just west of Bonaventure Boulevard and south of Indian Trace, near Weston Town Center. Terra is also building Botaniko Weston, a 125-home community on roughly 121 acres on the former Bonaventure Country Club.

Earlier this month, the Palace Group closed on a $95 million construction loan for a luxury senior living complex in Weston.

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