The Real Deal Miami

SoFla’s biggest retail sales in August

Blackstone Group’s $35M purchase of Miami Lakes shopping center tops list
By Amanda Rabines |
Research by Laura Hanrahan
September 14, 2018 09:45AM

The Vista Shopping Center, Enclave Shops at Coral Ridge, Shoppes & Offices at PGA West, Toys “R” Us and Wawa

Commercial real estate heavyweights Blackstone Group and Stiles Corp. recorded the two priciest retail trades in South Florida in August.

Another notable trade last month involved a former Toys “R” Us building in Plantation. That sale was part the company’s efforts to unload 284 of its stores after filing for bankruptcy a year ago.

Overall, the retail market in South Florida has remained strong despite its notable struggles nationally. Sales volume in the retail sector rose 3 percent to $748.7 million in the second quarter.

The August investment sales figures were compiled from Miami-Dade, Broward and Palm Beach County property records.

The Vista Shopping Center – Blackstone Group | $34.5M

A company tied to Blackstone bought a Sedano’s-anchored shopping center near Miami Lakes for $34.5 million. The seller, Miami-based Saglo Development, built the property that sits on 10 acres in the mid 1980s.

It quietly listed the complex after a neighboring shopping center sold to Jamestown in October for $34.25 million. The 97,600-square-foot Vista sold for about $350 per foot. Tenants include Navarro Pharmacy, Chipotle and Gyroville. The sale also included three standalone buildings that include a 7-Eleven, La Brasa Rotisserie & Grill and Jiffy Lube as tenants.

Enclave Shops at Coral Ridge – EEP Enterprises | $18M

Stiles Corp. sold its recently completed shopping center in Fort Lauderdale for $17.9 million to EEP Enterprises, a company led by South Florida investor and co-owner of Weston-based FGI Realty, Eduardo Pelaez.

The Enclave Shops at Coral Ridge, a 35,725-square-foot property at 3860 and 3800-3848 North Federal Highway, sold for about $500 per square foot. It’s leased to the high-end grocery store, The Fresh Market, SunTrust Bank and Spatch and Peri-Peri Grilled Chicken.

Stiles built the project as part of a joint venture with a group of investors led by the late auto dealer magnate Phil Smith. They also build the nearby 36-lot single-family residential community, The Enclave at Coral Ridge Country Club.

Shoppes & Offices at PGA West – Juster Development Company | $9.25M

Juster Development Company bought the Shoppes & Offices at PGA West for $9.25 million from LNR Partners. The office and retail center in Palm Beach Gardens spans nearly 38,000 square feet and sold for about $245 per square foot.

LNR took ownership of the property in 2012 after foreclosing on a $6.8 million mortgage from the previous owner, PGA Commons, which is tied to the Channing Corporation. PGA Commons paid $4 million for the 4-acre property in 1999 and developed the building in 2001.

Shoppes & Offices at PGA West features about 18,350 square feet of retail space and 19,400 square feet of office space. The property is nearly fully leased to tenants including La Masseria, Salute Market and Lickstein Plastic Surgery.

Toys “R” Us – Golf & Tennis Pro Shop Inc. | $7.6M

Golf & Tennis Pro Shop, known as PGA TOUR Superstore, paid $7.6 million for the former Toys “R” Us in Plantation.

The toy retailer sold its store at 8101 West Broward Boulevard, at the same time it did 13 other Toys “R” Us buildings, according to a bankruptcy court filing from late July.

Toys “R” Us recently brought on New York-based Raider Hill Advisors to help sell off 284 stores, distribution centers and other properties around the country. The company announced earlier this year it would shutter all of its stores after it filed for Chapter 11 bankruptcy a year ago. At the time it had $5 billion in long-term debt and $400 million due in 2018.

Wawa – Timothy Patrick Development | $6.1M

Timothy Patrick Development bought a new Wawa gas station and convenience store in Lauderhill for $6.1 million.

The seller, Mash Petroleum Inc., paid $2 million for the 1.5-acre site — at 4401 Northwest 76th Avenue — last year. Timothy Patrick Development, a Farmington Hills, Michigan-based development firm, submitted plans with the city to build the store as early as 2016.

The gas station and food store opened in April. Over the past year, a number of Wawas have opened. This one was it’s sixth location in Broward County.