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This real estate investor loves Toys “R” Us’ liquidation sale
Benderson has acquired a number of former Toys “R” Us properties after the retail declared bankruptcy
Benderson Development bought another former Toys “R” Us property in South Florida.
The University Park, Florida-based real estate investment company purchased the parcel to a Toys “R” Us and Babies “R” Us in Doral for $5.3 million from Pacific Equities Capital Management, The Real Deal has learned.
The 20,270-square-foot property at 1635 Northwest 107 Avenue is part of a two-parcel former Toys “R” Us and Babies “R” Us property. The deal equates to $261 per square foot, records show.
In December, Benderson paid $8.5 million for the other parcel of the Toys “R” Us in Doral. The 44,542-square-foot building at 1645 Northwest 107th Avenue sold for $191 per square foot.
Both sides of the deal were brokered by Alex Rich of One Investment Group.
Rich said that Benderson plans to lease out to the property, but he said he is unsure whether the investor will seek a single tenant or multiple tenants.
Benderson quickly started acquiring Toys “R” Us properties after the retailer declared bankruptcy last year. In December, it paid $6.5 million for a former Toys “R” Us building in Palm Beach Gardens. It also purchased a former Toys“R” Us in Plantation at 8101 West Broward Boulevard for $7.8 million.
Last July, Toys “R” Us announced it brought on New York-based Raider Hill Advisors to help sell off 284 stores, distribution centers and other properties across the country.
In August, Chevy dealer Arnaldo Bomnin paid $25 million for a Toys “R” Us property at 8325 South Dixie Highway in Miami, near Dadeland Mall.