Grass River Property and Downstream Realty Partners are expanding their portfolio in Wilton Manors.
Property records show the partnership paid $21 million, or about $270 per square foot, for a 78,600-square-foot shopping center at 2200 and 2292 Wilton Drive, with plans to renovate the property.
Grass River and Downstream Realty scored a $22.8 million loan from Two Harbors Investment Corporation, a subsidiary of Pine River Capital. JLL’s Keith Kurland, Brett Rosenberg and Brandon Krupetsky represented borrowers.
Two companies tied to Rivercrest Realty Investors sold the Shoppes of Wilton Manors. Earlier this year, Rivercrest applied for site plan approval to build a new commercial building on the 5.4-acre property on the corner of Wilton Drive and Northeast Seventh Avenue.
Records show Rivercrest paid $16.6 million for the property in 2007. Rivercrest proposed building a hotel with up to 125 rooms on the site. Grass River recently said it planned to renovate the shopping center, according to South Florida Gay News.
Tenants at the Shoppes of Wilton Manors include Sherwin Williams, The Alibi, Ocean Wine & Spirits and Tee Jay Thai Sushi.