"It was a tremendous value-added play for us," says RobertComparato, president of Compson. "When we acquired the property,there was a 25,000-sf vacant movie theater there. We razed thatspace and redeveloped it into upscale retail. We also renegotiatedleases with Bank of America and Chili's, virtually doubling theirrent," he says. The center is located at 21090 St. Andrew's Blvd.next to Simon's Town Center Mall.

St. Andrew's was completed in 1982. It is currently 100%occupied, Comparato tells GlobeSt.com, and among the tenants areMaggiano's, in addition to BofA and Chili's. He says the rentalrate is in the low- to mid-$30s per sf. Compson represented itselfin the sale, and Dave Donnellan of the Fort Lauderdale office of CBRichard Ellis represented Firpo Garcia, a principal of GameProperties.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.