Regency sells Pembroke Pines strip mall to Longpoint Realty
Tenants include Party City, Dolphin Carpet & Tile and Goodwill Industries
Longpoint Realty Partners just paid $21.2 million for a strip mall within the Crossroads Square shopping center in Pembroke Pines.
Property records show an entity tied to Regency Centers sold the 77,200-square-foot mall at 154 University Drive. The deal breaks down to about $275 per square foot.
Equity One paid $4.2 million for the property in 1998, records show. Regency acquired Equity One in 2016 in a $5 billion deal.
Completed in 1991, the shopping center sold nearly fully leased to tenants that include Party City, Dolphin Carpet & Tile and Goodwill Industries International.
Crossroads Square shopping center also has a Lowe’s Home Improvement store and a Red Lobster restaurant, among other tenants. The outparcels were not included in the most recent deal.
Regency is an owner, operator, and developer of grocery-anchored shopping centers. It manages a portfolio of more than 426 properties, according to its website. In July, it paid $23.2 million for Magnolia Shoppes in Coral Springs
Longpoint focuses on industrial and retail properties in major East Coast and Texas markets. Former TA Associates Realty brokers Dwight Angelini, Nilesh Bubna, Reid Parker and Robert Provos launched the company a little more than two years ago.