The portfolio consists of two shopping centers and an office building. The first property, Plantation Mart Place, is a 230,000-sf shopping center on West Broward Drive just east of University Drive in Plantation. The second property, Penn Dutch Plaza, is a recently renovated 157,000-sf shopping center at the intersection of Highway 441 and Sample Road in Margate. The third property, 1900/2000 Building, is a 117,000-sf, three-building office complex and adjacent three-story parking garage on Northwest Corporate Boulevard, just off Interstate 95 at Glades Road in Boca Raton. The portfolio is approximately 90% occupied, Francis Nardozza, REH's chairman and CEO, tells GlobeSt.com.
Nardozza says financing came from New York-based UBS. Miami Beach-based Terranova Corp. will handle leasing and management of the shopping centers. Abood Wood-Fay Real Estate Group/TCN, based in Miami, will do the same for the office complex.
With this acquisition, REH, most known as a hospitality services provider, makes good on its announced intention to expand beyond hospitality into the commercial real estate sector. The transaction "fits squarely into our business strategy of acting as a turnkey outsource service provider to wealthy family estates, trusts and commercial entities in completing real estate and hospitality transactions," Nardozza says.
Paul Garity, REH's executive director, describes the turnkey aspect of the transaction, saying it involved "sourcing and analyzing the properties, supporting negotiations, arranging financing and procuring services for on-going property leasing and management."
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