Longpoint Realty scores Pembroke Pines shopping center for $38M

Sterling Organization sold the Sedano’s-anchored Pembroke Place

Miami /
Apr.April 09, 2019 04:30 PM

Dwight Angelini and the shopping center

Longpoint Realty Partners paid $37.53 million for a Sedano’s-anchored shopping center in Pembroke Pines, as it boosts its retail investments in South Florida.

Sterling Organization, a West Palm Beach-based private equity real estate investment firm, sold the 158,463-square-foot Pembroke Place at 10101 Pines Boulevard for $237 per square foot.

Casey Rosen and Dennis Carson of CBRE represented Sterling in the sale.

The shopping center is 99 percent leased, with tenants including Crunch Fitness and Vargas University, in addition to the grocery store Sedano’s, according to a release.

Sterling acquired Pembroke Place in November 2008. At that time, the property included a Kmart, which was subleased to Renaissance Charter Schools in 2014. The charter school company purchased the building in November for $10.5 million.

Sterling owns and operates 51 properties across the country, according to the release.

Boston-based Longpoint Realty Partners has been expanding in South Florida. The firm paid $21.2 million for a strip mall within the Crossroads Square Shopping Center in Pembroke Pines in November. In June, Longpoint bought a Publix-anchored shopping center in Boynton Beach for $9.9 million. And in late 2017, Longpoint paid $5.8 million for a warehouse in Doral.

The firm focuses on industrial and retail properties in major East Coast, Texas, Tennessee and Georgia markets, according to its website.


Related Articles

arrow_forward_ios
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
Harbor Group president Richard Litton and AIR Communities CEO Terry Considine in front of the apartment complex (Harbor, AIR, City Center on 7th)
Aimco spinoff buys Harbor Group’s Pembroke Pines apartments for $223M, marking largest South Florida multifamily sale this year
Aimco spinoff buys Harbor Group’s Pembroke Pines apartments for $223M, marking largest South Florida multifamily sale this year
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Arbor Management Acquisition Company heads Ivan Kaufman and Maurice Kaufman with a rendering of Aventura Park (Anillo Toledo Lopez, iStock)
Arbor Management buys multifamily dev site near Aventura for $10M
Arbor Management buys multifamily dev site near Aventura for $10M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Renderings of the Pembroke Tower project (Forum Architecture)
Developer wins approval for senior affordable housing project in Pembroke Pines
Developer wins approval for senior affordable housing project in Pembroke Pines
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...