Commercial real estate investor Andrew Perkins bought a shopping plaza and self-storage property in Pembroke Pines for $15.5 million.
Perkins Realty Management purchased the 64,300-square-foot Sheridan Village Center at 16602-16660 Sheridan Street, according to the broker’s news release.
The selling entity, Sheridan Real Estate Group, led by Nelson Fernandez, developed the retail and storage facility, property records and state corporate records show. Fernandez is president of Davie-based construction and development firm ANF Group. He developed Sheridan Village Center separately from ANF.
Drew Kristol and Kirk Olson were part of the Marcus & Millichap that represented the seller and the buyer.
The two-building property was completed in 2017 and 2018 on a nearly 4-acre site. It consists of 29,300 square feet of retail, which is 93 percent occupied; and 35,000 square feet of self-storage, which also is more than 90 percent occupied, according to Marcus & Millichap.
The self-storage has 419 units on the two upper floors of one of the buildings.
Tenants in the retail space include a Memorial Healthcare System urgent care center, Dunkin’ and Momo Relaxation Spa.
Perkins invests in South Florida and Massachusetts properties, according to his LinkedIn. In 2022, he paid $10.2 million for the retail property at 10400 West Atlantic Boulevard in Coral Springs, and $7.2 million for the retail building at 5400-5428 West Atlantic Boulevard in Pompano Beach, according to records.
The release didn’t identify Perkins as the person leading Perkins Realty Management, but previous reporting by Traded ties him to the entity.
South Florida’s retail market has remained strong with a 3.5 percent overall vacancy rate during the second half of last year and this year’s first quarter, according to a Colliers report. This is a historic low and is below the national average vacancy of 4.2 percent. In Broward County, the vacancy rate was 3.8 percent in the first quarter, and the average asking rent hit $27.99 per square foot, or an increase of 30 cents, year-over-year, the Colliers report shows.
In the biggest recent retail sale in South Florida, Swire Properties cashed out of the retail and parking portions of its Brickell City Centre mixed-use development in Miami’s Brickell. Simon Property Group, which already had a 25 percent stake in the property, paid $512 million for Swire’s 75 percent ownership last month.
In April, Brookfield Asset Management’s $260 million commercial mortgage-backed securities loan on the Pembroke Lakes Mall at 11401 Pines Boulevard in Pembroke Pines landed in special servicing for maturity default.
Some developers are breathing new life into their retail holdings by renovating stores and adding apartments on parking lots or outparcels. Also in Pembroke Pines, Federal Realty Investment Trust plans to redevelop a parking lot at its Shops at Pembroke Gardens at 527 Southwest 145th Terrace into a 308-unit apartment project.
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