In separate deals totaling nearly $59 million, 13th Floor Investments picked up a Hallandale Beach bowling alley, while Terra and Stiles sold retail centers in Pembroke Pines and Fort Lauderdale.
Terra and Stiles’ sales show continued momentum for outdoor shopping centers. In recent months, investors have flocked to retail properties anchored by grocery stores, discount retail chains like Ross and large tenants.
Meanwhile, 13th Floor Investments previously said that it is looking to redevelop its newly acquired site, which is near Big Easy Casino owned by Jeffrey Soffer’s Fontainebleau Development.
Holiday Bowling Center & Sports Bar
(Source: Google Maps)
An entity managed by 13th Floor Principal Arnaud Karsenti paid $18.5 million for six parcels totaling 15.5 acres that includes the Holiday Bowling Center & Sports Bar at 106 Pembroke Road, according to records.
The seller is TS&B III LLC, an entity managed by Ralph Thompson, William Spencer, and Mark Butler. Thompson, Spencer and Butler acquired the property via a deed transfer in 2012, but records do not show how much they paid.
A JLL team led by Manny de Zarraga represented the seller in the latest deal.
13th Floor intends to redevelop the 16-lane bowling alley and its attached restaurant, 19th Hole Sports Bar & Grill, according to a press release. The company, which has a slate of large mixed-use projects in the pipeline, has not revealed its specific plans.
The site, which is called Ashworth Park, is located in an Opportunity Zone and is zoned for a variety of uses, including residential, office, retail and senior housing, the press release states. An Opportunity Zone is a federally designated area that allows developers and investors to reap tax incentives for investing in that area.
The six parcels are also within the boundaries of the Hallandale Beach Community Redevelopment Agency. They make up one of the last large-scale urban development sites in South Florida, JLL previously said.
Pines City Center
(Source: Pine City Center Shops)
In Pembroke Pines, Terra sold another section of the shopping center at Pines City Center, a mixed-use development the Coconut Grove-based firm completed in 2019.
Lautaro RE Investments Corp., a Miami company headed by President Mario Carrasco Hernandez, paid $23 million for 48,500 square feet of retail space at 10250 Pines Boulevard, according to records. Lautauro paid roughly $474 a square foot for a portion of the shopping center anchored by UFC Fit gym, Space Coast Credit Union and Maple Street Biscuit Co.
Josh Wade with Flagship Retail Advisors brokered the deal. In 2018, Terra sold the first phase of Pines City Center to TA Realty for $80 million. Terra still owns roughly 100,000 square feet that is anchored by Hobby Lobby.
Galleria Plaza
(Source: LoopNet)
An entity managed by Irvine, California-based real estate investor Dr. Esmail Shahidi paid $17.1 million for Galleria Plaza at 2541-2595 East Sunrise Boulevard in Fort Lauderdale, according to records. The deal works out to $689 a square foot.
An affiliate of Stiles Corporation sold the Publix-anchored shopping center, which is near the Galleria Mall. Stiles paid $2.3 million for the 26,272-square-foot retail complex in 2014, records show. The building was completed in 1960.
David Donnellan of CBRE represented the seller in the latest deal. Paul Ahmed, also with CBRE, represented the buyer.