Perkins Realty Management boosted its South Florida commercial real estate portfolio by acquiring a Coral Springs medical office and retail plaza for $26.5 million.
An affiliate of Deerfield Beach-based and Lynn, Massachusetts-based Perkins Realty, led by Andrew Perkins, bought Esplanade Center at 901-1001 University Drive, records and real estate database Vizzda show. The off-market deal breaks down to $333 a square foot for the 79,381-square-foot facility completed in 1988.
Perkins Realty obtained $23.9 million in financing from the seller, an affiliate of Miami-based Game Properties, led by Katrina and Karina Garcia, records and Vizzda show. The buyer paid nearly $22 million above the previous sale price 30 years ago.
In 1995, Game Properties paid $4.9 million for the 6-acre site, records show. Tenants include Jenny Craig, Sage Dental, State Farm Insurance, Vino Salon Studios, Mattress Firm and Tijuana Taxi Co., according to an online brochure.
Esplanade Center is also adjacent to Coral Square Mall, which features Macy’s, Kohl’s and JCPenney big box stores.
“This is a generational property,” Perkins told The Real Deal. “It’s well-kept, in an area with a lot of commerce, and the tenants do a lot of business. They were renewing leases while I was doing my due diligence.”
Perkins Realty has been buying primarily retail properties in South Florida since 2012, and Perkins said his firm is searching for more sites to acquire. Perkins Realty currently owns 277,000 square feet of commercial real estate across six properties in Broward and Palm Beach counties.
In July, Perkins Realty acquired a self-storage and retail center in Pembroke Pines for $15.5 million.
In 2019, Perkins Realty bought Shoppes of Cooper City, a strip mall near the border of Cooper City and Pembroke Pines for $9.5 million, records show. In 2022, the firm paid $7.2 million for a Pompano Beach shopping center.
