MIAMI—Silver Lakes Campus, a 43,380-square-foot mixed-use property in Pembroke Pines, FL, has traded hands. The distressed commercial real estate asset sold at auction for $6.75 million.
Continental Properties Acquisition Corporation (CPAC), an affiliate of Continental Real Estate Companies (CREC), acquired the retail-office asset. The deal marks the company’s ninth distressed commercial real estate asset acquisition in the past three years.
“The Silver Lake Campus is home to strong-performing retailers and medical tenants serving the West Pembroke Pines and Silver Lakes community,” says David Moret, principal of Continental Properties Acquisition Corporation. “Although the property has suffered through a bankruptcy, receivership and foreclosure, CPAC is prepared to make the capital investments needed to improve the condition and appearance of the complex and improve the property’s tenancy.”
Located at 17720 Pines Boulevard and 17782 Southwest 2nd Street in Pembroke Pines, the property is 80% occupied. The asset offers 7,500 square feet of retail space and 35,880 square feet of medical office space. Retail tenants include Dunkin’ Donuts, Subway, and Domino’s Pizza. Physicians and dentists also occupy space in the complex. CPAC has engaged CREC as the complex’s exclusive leasing agent and property management firm.
“One of the unique challenges of buying properties in an online auction is the need to complete the due diligence and closing process quickly and effectively,” says Moret. “The auction process tests our ability to complete inspections in a compressed time frame in order to comply with the auction requirements.”