Continental Realty buys LA Fitness-anchored shopping center near Wellington

Plaza was built in 2004 on 8 acres

Miami /
Apr.April 14, 2021 10:30 AM
Continental Realty Corp. CEO J.M. Schapiro. and The Shoppes at Sherbrooke’s anchor, LA Fitness

Continental Realty Corp. CEO J.M. Schapiro. and The Shoppes at Sherbrooke’s anchor, LA Fitness

Continental Realty Corp. bought the LA Fitness-anchored Shoppes at Sherbrooke retail center near Wellington for $11.3 million.

Baltimore, Maryland-based Continental Realty bought the plaza at 8888-8954 Lantana Road on behalf of its Continental Realty Fund V, according to a press release.

The seller is G&I VIII Sherbrooke, an affiliate of New York-based real estate investment adviser DRA Advisors. It bought the property in 2015 for $11.2 million, a deed shows.

The 57,901-square-foot shopping center spans 8 acres, which include an outparcel that could be developed, according to the release. The center was built in 2004.

Tenants include A A Nails & Spa, Regal Animal Hospital and Palms Dental Care.

Drew Kristol and Kirk Olson of Marcus & Millichap brokered the deal.

Continental Realty Fund V is a $210.8 million private equity fund that invests in multifamily and retail properties in the Mid-Atlantic and Southeast, with the goal of adding value through renovations. It plans to improve the exterior at Shoppes at Sherbrooke, and it will look into developing and leasing the outparcel.

This purchase marks the fund’s ninth acquisition and seventh retail property, according to the release.

Continental Realty, founded in 1960 and led by J.M. Schapiro, has been expanding in Florida, where it owns and manages 17 properties.

In 2017, it bought Ridge Plaza in Davie for $21.3 million. In 2016, it sold the Royal Palm Office Depot Center in Royal Palm Beach for $7.5 million.

Several retail centers have traded over the past month for top-dollar prices. In one of the biggest commercial real estate deals so far this year, TJAC sold four office-retail properties along Powerline Road west of Boca Raton for $155 million.





    Related Articles

    arrow_forward_ios
    Fill’er up on retail: Gas station investor buys Kendall shopping plaza for $26M
    Fill’er up on retail: Gas station investor buys Kendall shopping plaza for $26M
    Fill’er up on retail: Gas station investor buys Kendall shopping plaza for $26M
    From left: Eric Witmondt, chief executive officer, Woodmont Properties and Donald Witmondt, chairman, Woodmont Properties (Woodmont Properties, LoopNet)
    Woodmont plans eight warehouses at Palm Beach Park of Commerce
    Woodmont plans eight warehouses at Palm Beach Park of Commerce
    Midtown Capital Partners nabs West Palm business park for $37M
    Midtown Capital Partners nabs West Palm business park for $37M
    Midtown Capital Partners nabs West Palm business park for $37M
    Ofizzina office tower in Coral Gables (TSG)
    Lease roundup: Consulate General of Barbados, NY investment firm moving to Ofizzina in Coral Gables
    Lease roundup: Consulate General of Barbados, NY investment firm moving to Ofizzina in Coral Gables
    From left: Alex Rodriguez and Barry Sternlicht (Getty Images, Starwood Capital Group, iStock)
    Starwood, A-Rod and partner buy South Florida single-family rentals to add to portfolio
    Starwood, A-Rod and partner buy South Florida single-family rentals to add to portfolio
    11349 Old Harbour Rd, North Palm Beach (Google Maps)
    Chicago real estate honcho buys waterfront home near North Palm Beach for $17M
    Chicago real estate honcho buys waterfront home near North Palm Beach for $17M
    Illustrated Properties taps longtime head of Alabama brokerage as president
    Illustrated Properties taps longtime head of Alabama brokerage as president
    Illustrated Properties taps longtime head of Alabama brokerage as president
    The retail property at 5875 Northwest 105th Court in Doral (Google Maps)
    Dallas firm picks up Aldi-anchored retail property in Doral for $22M
    Dallas firm picks up Aldi-anchored retail property in Doral for $22M
    arrow_forward_ios

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

    Loading...