Investors can’t get enough of South Florida shopping centers these days. The latest deal features SouthEast Properties selling a Davie retail plaza it developed more than a quarter of a century ago for $17.8 million.
An affiliate of Deerfield Beach-based SouthEast, led by Jay Geiserman, sold Davie Square at 5503 South University Drive and an outparcel leased to Denny’s at 5645 South University Drive to an entity led by North Miami-based investors Ryan Shapiro and Jonathan Wizman, records show. Winter Haven, Florida-based Southstate Bank provided the buyer with a $13.4 million mortgage.
The deal breaks down to $148 per square foot for both buildings.
The 113,887-square foot shopping center was developed by SouthEast in 1998, a year after it acquired the 12.3-acre site for $3.5 million, records show. The firm bought the outparcel in 2007. The single-story, 5,660-square-foot restaurant was built in 1988, according to records.
Davie Square tenants include Beyond Billiards, the Door Christian Church, Lakeshore Learning Center and JW Pastry.
Shopping centers are providing a steady diet of trades for South Florida’s retail market, with prices ranging from mid-eight figures to more than $100 million in recent months. In June, Baltimore-based Continental Realty Corporation paid $87.5 million for CityPlace Doral, a multi-level shopping center anchored by a Fresh Market store.
The same month, Barry Sternlicht’s Starwood Capital Group sold The Marketplace at the Outlets for $133.2 million to Atlanta-based Invesco. The buyer also assumed a $79 million loan. In addition to being anchored by a Whole Foods supermarket, the retail center’s other main tenants include Nordstrom Rack, Marshalls, T.J. Maxx, Ulta Beauty, Ross Dress for Less and HomeGoods.
In May, Columbia, South Carolina-based Edens paid $51.2 million for Weston Road Shopping Center, a retail plaza that recently lost Office Depot as an anchor tenant.
