As legacy retailers close their doors and the so-called “retail apocalypse” nears, South Florida remains somewhat of an exception. Retail in the area has performed better than the national average and with the approval of the American Dream mega-project earlier this year, the region will eventually be home to the largest mall in the country.
A few notable properties traded hands in July, including one part-owned by gubernatorial candidate Philip Levine in Miami Beach that sold for more than $68 million. Even outside of South Florida’s urban cores, such as in Delray Beach and Pompano Beach, shopping centers traded at a markup from their previous sales prices.
The July investment sales figures were compiled from Miami-Dade, Broward and Palm Beach County property records.
Sunset Harbour retail – Asana Partners | $68.75M
Levine and developer Scott Robins sold a retail portfolio in Miami Beach’s Sunset Harbour neighborhood for $68.75 million to Charlotte, North Carolina-based Asana Partners.
The deal marked the largest retail sale in South Florida in July. The seven-building, 61,400-square-foot portfolio at 1787, 1919, 1928 Purdy Avenue; 1900, 1916, 1930 Bay Road; and 1935 West Avenue hit the market in December and sold for about $1,120 per square foot.
Asana, founded by Terry Brown, Jason Tompkins and Sam Judd, is a real estate investment firm based in Charlotte, North Carolina.
Levine owns more than $100 million in real estate in Miami, Miami Beach, Okeechobee and New York. He is currently competing in a close Democratic primary in the race for Florida governor.
Manny de Zárraga, Luis Castillo and Daniel Finkle of HFF represented the seller.
Magnolia Shoppes – Williams Magnolia Properties | $23.2M
Williams Magnolia Properties bought a Coral Springs shopping center it purchased from Regency Centers for $23.2 million.
The Coral Springs-based buyer paid about $180 per square foot for the 130,400-square-foot Magnolia Shoppes at 9645 Westview Drive. The shopping center is anchored by a 73,500-square-foot Regal Cinemas.
Williams Magnolia Properties financed the deal with a $15.5 million loan from Citibank.
The shopping center was built in 1998 on a nearly 15-acre lot on the southwest corner of University Drive and the Sawgrass Expressway. Tenants include Dollar Tree, W Salon, Creative Child Learning Center and Moon Thai & Japanese.
Delray Commons – Kroger’s subsidiary TopValco | $17M
Kroger’s real estate subsidiary paid $17 million for a Delray Beach shopping center and an adjacent former bank branch, causing many to speculate whether Kroger would open its first South Florida store at the property.
Instead, Lucky’s Market, which is owned by Kroger, will be moving into the shopping center.
Kroger’s subsidiary TopValco purchased the 73,841-square-foot property known as Delray Commons for $15 million, or about $200 per square foot. It also purchased a 4,824-square-foot bank branch for $2 million or $415 per square foot, records show.
TopValco purchased the shopping center at 5024 West Atlantic Avenue and bank building from Mall 5020 and Lot 5070, controlled by companies based in Weston and Key Biscayne.
Pompano Beach shopping center – Companies led by Michael Cosculluela | $11.5M
Diversified Realty Development sold a Planet Fitness-anchored shopping center in Pompano Beach for $11.5 million.
Pompano Beach Plaza DK and Pompano Beach Plaza ML, companies managed by Miami Lakes attorney Michael Cosculluela, purchased the 46,000-square-foot retail property at 1400 South Powerline Road for about $250 per square foot. The 5-acre property previously sold in 2014 for $2.85 million.
The buyers took out a $8.5 million mortgage from Argentic Real Estate Finance to finance the latest deal.
Diversified Realty renovated the property and tenants include Little Caesar’s Pizza, Enterprise Rent-A-Car, according to a press release. CBRE’s David Donnellan and Patricia Friend represented the seller.
Wynwood retail – RRE Investments | $9.15M
San Francisco-based RRE Investments paid $9.15 million for a retail property in Wynwood.
151 NW 24th St Partners LLC, led by general partners Dan Arev of Link Real Estate and Chaim Cahane of Forte Capital Management and equity partner Joe Serure of Jameson Realty Group, sold the building at 151 Northwest 24th Street, according to Dwntwn Realty Advisors brokers Tony Arellano and Devlin Marinoff.
The buyer, RW NW 24th St LLC, is a Delaware company controlled by RRE’s Tommy Rincon, state records show. Rincon is managing partner of San Francisco-based RRE and a former Redsky Capital associate, according to his LinkedIn profile.The RRE affiliate financed the deal with a $6.25 million loan from First National Bank of South Miami.
The building was initially listed for $9.85 million and sold within three months.