Edens picked up a Davie shopping center with a recent big box vacancy.
An affiliate of Columbia, South Carolina-based Edens, led by CEO Jodie McLean, paid $51.2 million for Weston Road Shopping Center at 4410-4484 Weston Road, records and real estate database Vizzda show. This month, the shopping center lost its major tenant when Office Depot moved out of the 108,623-square-foot retail plaza, published reports state.
Edens paid $472 a square foot for Weston Road Shopping Center, which was completed in 2000. Other tenants include Smoothie King, Crumbl, Weston Diner, ChiroCare of Florida, and T-Mobile.
The seller, an affiliate of Barings, the real estate arm of Massachusetts Mutual Life Insurance Company, paid $32.2 million for the 13.1-acre site in 2014, records show.
Weston Road Shopping Center is in the southwest Broward submarket where the vacancy rate hit 1.6 percent in the first quarter, compared to 3.8 percent for overall Broward County, according to a recent Colliers report. Landlords in southwest Broward are also getting an average asking rent of $29.99 a square foot, compared to $27.99 a square foot for the overall Broward market.
Edens owns a $6.8 billion national portfolio of more than 100 open-air retail centers and mixed-use projects, according to the firm’s website. The firm is an active retail seller and buyer in South Florida.
In December 2023, Edens sold a commercial unit and underground garage at Met3, a mixed-use tower in downtown Miami. Whole Foods, which leased the space, paid $21 million for it. The same year, Edens paid $88.4 million for Shadowood Square, a shopping center near Boca Raton anchored by a Sprouts Farmers Market.
Other recent retail trades in Broward County include Raanan Katz’s RK Centers buying Shoppes at Monarch Lakes in Miramar for $16.4 million last month. The 66,481-square-foot shopping center is anchored by a Publix supermarket.
