Jon Samuel, one of the original developers of Midtown Miami, is on a roll, selling another Broward commercial property in less than a week.
An affiliate of NorthBridge Partners paid $22.3 million to three affiliates of Samuel’s Miami-based Midtown Group for a showroom and warehouse leased to Floor & Décor in Coral Springs, records and real estate database Vizzda show.
NorthBridge, led by managing principals Greg Lauze and Dean Atkins, is an industrial real estate firm based in Linthicum Heights, Maryland and Wakefield, Massachusetts with $3.1 billion in assets under management, the company’s website states.
A Cushman & Wakefield team led by Dominic Montazemi and Rick Brugge represented the seller, according to a press release. The deal breaks down to $210 per square foot for the 106,289-square-foot building at 11711 West Sample Road.
In 2021, the Midtown Group affiliates paid $15.7 million for the 8.9-acre site within the Coral Springs Commerce Park, records show. Built in 1996, the warehouse was renovated in 2010, the release states.
Floor & Décor leased the building in 2022 after Vutec Corporation, a manufacturer of projector screens that previously owned the property, moved out.
Six days before the Floor & Décor site deal closed, a separate entity managed by Samuel sold Sawgrass Landing, a shopping center in Sunrise, for nearly $30 million, records show. Sunny Isles Beach-based SK Realty Management bought the fully-leased property with a tenant roster that includes Panera Bread, Starbucks, LA Fitness and Fedex, Zubkova said. Samuel’s entity developed Sawgrass Landing in 2005.
Samuel is also buying in Broward, purchasing a shuttered Sears store at Broward Mall in Plantation five months ago. He paid $28 million for the 18-acre site.
Meanwhile, Northbridge has been expanding its footprint in Broward County. Last year, the firm dropped $18.1 million for Powerline Commerce Park, a 4.5-acre industrial complex in Deerfield Beach.