Pembroke Pines shopping center sells for $14M

The property is anchored by the grocery store Food Fair

TRD MIAMI /
Dec.December 23, 2019 05:30 PM
701 Northwest 99 Avenue and Bar Invest Group CEO Jacques Barbera (Credit: Google Maps)

701 Northwest 99 Avenue and Bar Invest Group CEO Jacques Barbera (Credit: Google Maps)

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.


Related Articles

arrow_forward_ios
27359 South Dixie Highway and Longpoint Realty Managing and Founding Partner Dwight Angelini (Google Maps)

Longpoint buys Fresco Y Mas-anchored center in Naranja

Longpoint buys Fresco Y Mas-anchored center in Naranja
Hard Rock Cafe at Bayside Marketplace (Hard Rock)

Bayside Marketplace sues to evict Bubba Gump, Hard Rock Cafe and three other tenants

Bayside Marketplace sues to evict Bubba Gump, Hard Rock Cafe and three other tenants
Commissioner Ricky Arriola and an aerial of Sunset Harbour in Miami Beach (Compass)

Miami Beach moves toward banning chain restaurants and stores in Sunset Harbour

Miami Beach moves toward banning chain restaurants and stores in Sunset Harbour
Diane Von Furstenberg, Brookfield Properties Bruce Flatt, and the DVF store in the Shops at Merrick Park (Getty, Google Maps)

Brookfield seeks to evict Diane Von Furstenberg at Merrick Park

Brookfield seeks to evict Diane Von Furstenberg at Merrick Park
Rendering of American Dream Miami, Triple Five Group chairman Nader Ghermezian

Triple Five “inching closer” to construction on American Dream Miami

Triple Five “inching closer” to construction on American Dream Miami
4402-4678 North University Drive, Todd Nepola

Miami Beach parking lot mogul sells retail center in Lauderhill for $13M

Miami Beach parking lot mogul sells retail center in Lauderhill for $13M
Mitchell Kaplan and Books & Books at 927 Lincoln Road (Google Maps) 

Books & Books closes its chapter on Lincoln Road

Books & Books closes its chapter on Lincoln Road
Diesel USA and Original Penguin Lincoln Road stores skipped April and May rent payments: lawsuit

Diesel USA and Original Penguin Lincoln Road stores skipped April and May rent payments: lawsuit

Diesel USA and Original Penguin Lincoln Road stores skipped April and May rent payments: lawsuit
arrow_forward_ios

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

Loading...