CORAL SPRINGS, FL-A partnership of West Palm Beach-based Kitson & Partners and New York-based Morgan Stanley has acquired the 143,235-sf Ramblewood Square shopping center at the northeast corner of University Drive and Ramblewood Drive for $33 million.
The seller of the property was Invesco Real Estate, which was represented by Casey Rosen, Anthony Blanco and Michael DeGuzman, of Miami-based Blackrock Retail Property Advisors.
Built in 1989, Ramblewood Square is anchored by a Publix supermarket and was 90.4% leased at the time of the sale. The partnership acquired the center to fulfill a 1031 exchange. "The property is in a phenomenal location adjacent to the Coral Square Mall," Blanco tells GlobeSt.com. "It features one of the best performing Publix in Coral Springs."
Blanco adds that the buyer's plans for the property are to lease the vacant space. "The buyer understands the value of infill property in South Florida," he says. "In addition, there is an opportunity to lease up vacant space."
This is the second time Blackrock has sold the property. Invesco acquired the property in 2002 for $21.12 million. Blanco attributes the rise in value to the lowering of cap rates and the value of the property's strong real estate location.
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