Benderson Development bought a Publix-leased building in Pompano Beach, amid an uptick in South Florida retail investment sales.
An entity tied to Thomas Neary’s Miami-based Bowery Properties sold the 33,800-square-foot building at 1140 Southwest 36th Avenue to Benderson for $7.1 million, according to records. The buyer said through a spokesperson that it does not plan to redevelop the site.
Completed in the early 2000s, the building is on 3.5 acres, property data shows. Bowery paid $6.4 million for the building in January of last year.
Benderson, based in University Park on Florida’s west coast, has a portfolio of 800 properties spanning over 50 million square feet in 40 states, according to its website. Nathan Benderson started the firm in 1949. It is now headed by his son, Randall Benderson, and grandson, Shaun Benderson.
In 2018 and 2019, Benderson went on a shopping spree for closed Toys “R” Us properties, following the retailer’s bankruptcy filing. In South Florida, Benderson paid $6.5 million for a Toys “R” Us site at 3195 PGA Boulevard in Palm Beach Gardens; $7.8 million for another closed store at 8101 West Broward Boulevard in Plantation; and $13.8 million for two Toys “R” Us parcels at 1635 Northwest 107 Avenue and 1645 Northwest 107th Avenue in Doral.
Led by Thomas Neary, Bowery’s other South Florida investments include the $11.6 million purchase of the 89-unit Buena Vista Gardens apartment complex at 5601 Northwest First Avenue in Miami in 2021.
The deal for the Publix in Pompano Beach is at least the second sale this week of a retail property. Near Boca Raton, Edens paid $88.4 million for the Shadowood Square shopping plaza, where a Sprouts Farmers Market will open this week as the center’s anchor.
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South Florida
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Investment sales of commercial properties nosedived starting late last year, following the Federal Reserve’s interest rate hikes, which made financing more expensive. Activity picked up this summer, though it’s still not up to the levels of 2021 and early last year.
The Pompano Beach and Shadowood Square deals share some commonalities: Both are properties with a grocery store, a retail sector that’s remained strong despite headwinds, and records show that both buyers didn’t take out financing.
In another recent sale, rapper Flo Rida and his business manager, Lee “Freezy” Prince, bought the Cloverleaf Plaza at 18130, 18138, 18164 and 18230 Northwest Second Avenue, as well as 230 Northwest 183rd Street, in Miami Gardens for $10 million in July.