Miami-based Arena Capital sold a Broward County retail center for $395,000 above its listing price.
Buyer Zenix Properties, a Miami-based entity led by Roberto and Orlando Alberro, paid $13.5 million for Promenade Shoppes at 7910 West McNab Road in North Lauderdale, according to a press release.
Adam Tiktin and Greg Matus with Franklin Street represented the seller, and Matthew Martinez with Beacon Hill Property Group represented the buyer.
Arena North Lauderdale Shoppes, an entity managed by Arena Capital principals Oscar Rodriguez Jr. and Ana Rodriguez, paid $2.2 million for the 4.4-acre property in 2017 and completed the shopping center one year later, records show.
Tiktin said the 39,760-square-foot shopping plaza was listed in November for $13.1 million.
The property selling for “$395,000 over listing price is a function of the market,” Tiktin said. “We received six list price offers, but the market started to run up. The seller wanted more and decided not to sell. The buyer got aggressive and gave the seller what they wanted.”
Promenade Shoppes is fully leased with 17 tenants including T-Mobile, Cricket Wireless and SunSouth Health Center, Tiktin said.
“The market for quality [retail] properties is very limited,” Tiktin said. “There is much more demand than when we went out in November. The retailers here are more service-type retail.”
In June, a partnership between Arena Capital’s principals, Michael Wohl and Stephen A. Blumenthal, sold a Hialeah mixed-use development site to Bloomfield Hills, Michigan-based Agree Realty for $7.7 million, according to records. The property, a former mobile home park, will be redeveloped into 260 apartments and more than 50,000 square feet of commercial space.
In September, three shopping centers in Miami-Dade and Broward counties traded for more than $10 million each. Raanan Katz’s RK Centers acquired Park View Square at 17051-17173 Miramar Parkway in Miramar for $15.7 million. In Margate, the Crossroads Plaza at 500 Coconut Creek Parkway traded for $10.7 million. The buyer is a company managed by Todd Nepola, president of Current Capital Management.
In Hialeah, an affiliate of Horizon Properties of Miami paid $33 million for the Publix-anchored El Mercado Plaza at 2400 West 60th Street, also in September.