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Pembroke Pines shopping center sells for $14M
The property is anchored by the grocery store Food Fair
Investors continue to double down on Pembroke Pines real estate.
A company tied to New York-based Milbrook Properties purchased a retail center in Pembroke Pines from Bar Invest Group for $13.5 million. Millbrook bought the 90,226-square-foot property at 701 Northwest 99 Avenue for $149 per square foot, records show.
The shopping center is anchored by the grocery store Food Fair, which replaced a Winn-Dixie. The building has a total of 23 tenants, including Planet Fitness and Cora Health.
The shopping center last sold in 2015 for $8.45 million. In the past four years, the property has undergone renovations, which included a new roof, according to marketing materials.
Marcus & Millichap’s Drew Kristol, Kirk Olson and Jean-Baptiste Ramet represented the seller in the deal. The group also represented Bar Invest Group in October in the $20.5 million sale of a Pembroke Pines shopping center at 9801 Pines Boulevard.
Miami-based Bar Invest Group, led by CEO Jacques Barbera, has invested in more than 1,000 residential units and over 600,000 square feet of retail properties, according to its website. The properties include a 405-unit apartment complex in Lauderhill. Bar Invest bought the complex for $59 million in May.
The once sleepy suburb of Pembroke Pines has seen a rush of new interest from real estate investment trusts and investors.
In September, NexPoint Residential, a REIT, paid $322 million for a 1,520-unit multifamily property in Pembroke Pines, marking the largest multifamily deal in South Florida this year. And in October, Miami-based Lloyd Jones bought a 206-unit apartment complex at 7850 Pasadena Boulevard in Pembroke Pines for $55.6 million.