ShopOne Centers REIT is laying down $36.4 million for a Publix-anchored shopping center in Tamarac, as retail deals continue to flow across South Florida.
New York-based ShopOne bought the one-story Midway Plaza at 5701-5881 North University Drive from Beachwood, Ohio-based Site Centers, according to records and real estate database Vizzda.
Completed in 1986, Midway Plaza spans over 218,000 square feet on a 20.2-acre site, Vizzda records show. Led by CEO David R. Lukes, Site Centers had paid $28.4 million for the property in 2003, according to property records.
Midway Plaza tenants include Ross Dress for Less, Dollar Tree and Pet Supermarket.
ShopOne, led by CEO Chris Reed, invests in grocery-anchored shopping centers nationwide, according to its website. Midway Plaza is its only South Florida property, though it has four more plazas elsewhere in the Sunshine State. They are the Walmart-anchored Lithia Square at 901 Lithia Pinecrest Road in Brandon, The Cypress at 6431 East County Line Road in Tampa, The Trails at 254 North Nova Road in Ormond Beach and Twelve Oaks Plaza at 7288 55th Avenue East in Bradenton, according to ShopOne’s website.
Deals in South Florida’s retail market have been solid in recent months, despite elevated interest rates generally slowing down commercial real estate sales.
This month, Diversified Realty Development sold the majority of the Shoppes at Monterra Commons in Cooper City for $18.5 million. An entity led by Job and Rocio de Ojeda bought the buildings at 3500, 3700, 3800 and 3900 North University Drive.
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Also in July, Asana Partners sold the Warehouse District, a portfolio of industrial buildings repurposed into retail, restaurant and office space, in West Palm Beach for $19.5 million. Palm Beach-based Armata Holdings bought the seven buildings at 1300, 1400, 1500 and 1220-1250 Elizabeth Avenue, as well as 1615 Clare Avenue.
Back in April in Tamarac, Jamestown scooped up the Publix-anchored Tamarac Town Square at 8129-8315 North Pine Island Road for $22.5 million.