Diversified Realty Development sold the majority of the retail space at the Shoppes at Monterra Commons in Cooper City for $18.5 million, as South Florida retail deals continue to flow.
An entity led by Job and Rocio de Ojeda bought the buildings at 3500, 3700, 3800 and 3900 North University Drive from Deerfield Beach-based Diversified Realty, according to records. The buyer took out a $9.9 million loan for the purchase from Wells Fargo.
The buildings are fully leased.
The one-story, 10,000-square-foot building at 3500 North University Drive is leased to a daycare, and the one-story, 4,300-square-foot building at 3700 North University Drive is leased to Culver’s, according to LoopNet.com. The one-story, 11,600-square-foot building at 3800 North University Drive is leased to Huey Magoo’s Chicken Tenders, sports card store AA Mint Cards and Jonari Dental, while the one-story, 3,800-square-foot building at 3900 North University Drive is leased to breakfast restaurant First Watch.
The deal excluded the building at 3600 North University Drive and the parking lots.
Led by CEO Alan J. Goldberg, Diversified completed the Shoppes at Monterra Commons last year, records show.
Diversified is a development, property management and lending firm with a brokerage division, according to its website. It has completed 4 million square feet of development.
In 2018, Diversified sold the 46,000-square-foot retail center at 1400 South Powerline Road in Pompano Beach for $11.5 million.
South Florida’s retail market has experienced a steady flow of deals, despite elevated interest rates and economic uncertainty that has put the kibosh on many commercial real estate sales.
This month, an entity managed by Palm Beach-based Extraordinary Charities CEO Beverlee Raymond sold the Plaza at Royal Palm at 10299 Royal Palm Boulevard in Coral Springs for $20.4 million to a mystery buyer. Last month, Northbrook, Illinois-based Pine Tree paid $70 million for The Fountains shopping center at 801, 805 and 821 South University Drive in Plantation, marking the buyer’s first South Florida investment.
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South Florida
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