Neighboring Broward shopping centers sell for $34M

Coral Landings III shops in Margate
Coral Landings III shops in Margate

A Fort Lauderdale-based real estate company sold a piece of its Coral Springs and Margate retail portfolio for nearly $34 million this week.

Coral Landings Joint Venture, which is affiliated with the real estate company Stiles, sold two neighboring shopping centers to Coral Landings Property Corp., a company tied to Melville, New York-based Global Securitization Services.

The $33.7 million sale includes 6166 to 6210 West Sample Road in Coral Springs and 3200 to 3470 Northwest 62nd Avenue in Margate, according to Broward County property records. All together, the five parcels totaling 23.24 acres last sold in December 2010. A sales price was not disclosed.

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Current tenants of the Coral Springs shops include Starbucks, Pita Pit and discount grocer Aldi. Tenants of the Margate plaza, Coral Landings III, include Best Buy, Home Goods, Sally Beauty Supply and Jo-Ann Fabric and Craft store. Combined retail space is 169,922 square feet.

Bernard Angelo and Frank Bilotta of Global Securitization Services are listed as registered agents on the buyer’s corporate filing. Citizens Bank of Pennsylvania granted the buyer a $22.8 million mortgage on Feb. 10, Broward County records show. HFF secured the mortgage on behalf of the buyer.

HFF marketed the property on behalf of the seller, according to a press release. The HFF investment sales team was led by senior managing director Danny Finkle, managing director Luis Castillo, associate director Nat Scarmazzi and director analyst Kim Flores.  The debt placement team was led by managing director Mark Remington, associate director Jose Carrazana and real estate analyst Neil Campbell.