TAMARAC, FL—New York City-based Katz Properties has acquired the Sunshine Plaza shopping center here for $28.5 million.
The 237,000-square-foot shopping center at 4161 West Commercial Blvd. is anchored by a 51,420 square foot Publix supermarket, a 94,989 square foot Old Time Pottery store, and a 27,720 square foot Marshalls. Other notable tenants include Krispy Kreme, BB&T Bank, Dollar Tree and Rainbow.
The deal marks Katz's entrance into the Florida retail market. The company also has holdings in Delaware, Maryland, Massachusetts, New Hampshire, New York, Ohio, Pennsylvania, Virginia and Washington, DC.
Daniel Katz, a principal of Katz Properties says, “We have been looking for the right foothold in Florida and Sunshine Plaza was a perfect fit. We plan to expand in this region going forward.”
The property, built in 1972, is situated on a little more than 19 acres and is currently 98% occupied. Dennis Carson and Casey Rosen of CBRE's National Retail Investment Group Florida team represented the seller in the transaction.
Daniel Kaufthal, a principal of Katz Properties, says of the deal, “We are excited to launch a new operation in a robust region like the Miami-Fort Lauderdale MSA. The market is a dynamic place to do business, and we are confident in the retail environment.”
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