The Real Deal Miami

Diversified Realty Development sells Planet Fitness shopping center in Pompano Beach

Company tied to Miami Lakes attorney Michael Cosculluela picked up the 5-acre property
By Amanda Rabines | July 16, 2018 11:30AM

400 South Powerline Road

A Fort Lauderdale real estate firm just sold a Planet Fitness-anchored shopping center in Pompano Beach for $11.5 million.

Pompano Beach Plaza DK LLC and Pompano Beach Plaza ML LLC, companies managed by Miami Lakes attorney Michael Cosculluela, are the buyers. The companies financed the deal with an $8.5 million mortgage from Argentic Real Estate Finance, which is tied to New York private equity firm Silverpeak Argentic.

Diversified Realty Development sold the 46,000-square-foot retail center at 1400 South Powerline Road for about $250 per square foot. The company bought the 5-acre property in 2014 for $2.85 million.

Diversified Realty renovated the property, leased to tenants that include Little Caesar’s Pizza, Enterprise Rent-A-Car, Aroma Joe’s and a sports medicine and rehabilitation center, according to a press release.

CBRE’s David Donnellan and Patricia Friend represented the seller.

The shopping center is at the northeast corner of Powerline Road and McNab Road, just north of Fort Lauderdale’s Cypress Creek neighborhood. A new planned development, Uptown Urban Village, is slated to bring 2,560 residential units and 450 hotel rooms to a 353-acre area nearby.

In Pompano Beach, Fairfield Residential recently paid nearly $8 million for a strip mall with plans to build an apartment building. Other investors buying properties in Pompano include real estate developer Adam Adache, Fortress Investment Group and IMC Equity Group.