is experiencing one of the
strongest market recoveries as
a result of residential growth
coupled with foreign investment.
(Save the date: RealShare Industrial 2012 comes to The Bankers Club, Miami, December 5 – 6.)
FORT LAUDERDALE, FL—Plantation Crossings, a 70,000-square-foot shopping center at the southeast corner of Flamingo Road and Sunrise Boulevard in Plantation, has traded for $15.7 million. The buyer assumed the existing securitized loan of about $11 million.
Bilzin Sumberg Real Estate Practice Group partner Adam Lustig represented the buyer, Plantation Crossings LLC, an entity controlled by Beth Azor. SC Plantation CB and SC Plantation LV sold the asset. The loan servicer was Wells Fargo Bank.
“As the economy stabilizes and spending returns, retail tenants are placing more confidence in the market and are looking to expand,” Lustig tells GlobeSt.com. “As a result, leasing and sales activity is picking up once again, particularly in South Florida, which is experiencing one of the strongest market recoveries as a result of residential growth coupled with foreign investment.”
The fully leased property’s anchor tenants include Comp USA, Michael’s and Pier 1 Imports. As Lustig, the biggest challenge of the deal was the loan assumption process, which took approximately five months to complete. But lenders are gaining new confidence in the current market dynamics.
Miami’s retail recovery will keep outpacing the nation as retailers occupy empty space even as most developers remain on the sidelines, according to Marcus & Millichap’s most recent retail report. The firm predicts international investment activity will continue to increase as foreign investors target Miami retail assets for safety plays.