Real estate investor Todd Nepola padded his South Florida shopping center holdings with a $33 million acquisition in Miami Gardens.
An entity managed by him bought County Line Shopping Center at 21301-21495 Northwest Second Avenue, Nepola told The Real Deal via email. The 166,500-square-foot retail facility is on 15-plus acres that also includes a 16,000-square-foot vacant outparcel, which was part of the transaction, Nepola said.
“I’m currently in negotiations with two national restaurant brands to develop a new location on the site,” said Nepola, who leads Hollywood-based investment and brokerage firm Current Capital Group.
An affiliate of Schaumburg, Illinois-based RMS Holding Group, sold County Line for more than double the previous sale price. In 2018, RMS paid $14.5 million, records show.
The property is 95 percent occupied and is anchored by two big box stores leased to Ross Dress for Less and dd’s Discounts, Nepola said. Other tenants include Family Dollar, Dollar Tree, Wingstop, Davita Medical, Bank of America and Subway.
Current Capital plans on giving County Line a fresh coat of paint, as well as improving landscaping, lighting and parking, Nepola added. “We will be raising rents as leases expire,” he said. “The present market for smaller units is $35-plus-a-square-foot, triple net.”
Current Capital focuses on grocery-anchored and neighborhood shopping centers, but also dabbles in industrial properties, since the firm was founded in 1998, according to the company’s website.
In 2022, a Current Capital affiliate dropped a combined $23.7 million for a pair of Broward County shopping centers. The same year, Current Capital acquired two shopping centers in Palm Beach County for a combined $12.7 million. The firm still owns the four retail sites as Current Capital is focused on long-term real estate investments, Nepola said.
In March, Nepola finalized his divorce from Alexa Nepola, one of the leading ladies on the Bravo reality television series “Real Housewives of Miami.” Nepola appeared in seasons four and five of the show during the couple’s courtship and nuptials in December 2021.
