LAUDERHILL, FL-Boca Raton-based Konover South acquired two parcels totaling 24 acres here. They include the 10-acre existing Shoppes of Inverrary, acquired from Publix, which is just east of Oakland Park Boulevard and 55th Avenue, and a city-owned 14-acre parcel on the northwest corner of Oakland Park Boulevard and 64th Avenue.

Greg Combs, president, and Maria Ashenfelter, SVP of this South Florida division of Simon Konover Properties, negotiated the transaction. They declined to disclose the price. However, on condition of anonymity, an area retail specialist tells GlobeSt.com Konover South paid approximately $5.3 million, or about $72.50 per sf, for the approximately 78,000-sf Shoppes of Inverrary. The specialist declined to speculate on the city's price for the additional 14 acres.

The new owner will develop the properties in two nearly simultaneous stages. One phase calls for renovation of the existing center, which will include the demolition of the Publix unit and construction of a gas station, Blockbuster and BankAtlantic units in that space. As part of the redevelopment, a former Eckerd's on an out-parcel of Shoppes of Inverrary will also be demolished to make way for a new CVS.

Inverrary Falls, a new 90,000-sf retail center, will be built on the former city parcel and it will include a new 47,000-sf Publix supermarket. The developer is also negotiating with a national fast-food franchiser to build a restaurant on another out-parcel at Inverrary Falls.

Noting that a lot of redevelopment is going on here, Combs says, "we see great opportunity in these properties and the impetus they will provide to the renaissance of the new corridor entrance into Lauderhill," a suburb of Fort Lauderdale. Retail rental rates in this area of Broward County average about $16.50 per sf and are rising, according to a report from the area office of CB Richard Ellis.