Mayan Bets on Walmart-Anchored Riverbend

MIAMI—Mayan Properties just invested $5 million in Riverbend Marketplace, a 190,000-square-foot retail shopping center under construction in Broward County. Mayan is the investment arm of merchant banking firm Aztec Group. The Riverbend project will bring the first Walmart Supercenter to the City of Fort Lauderdale, FL.

Mayan managing director Jason Shapiro and director of investments James Fried, along with Aztec director Sean Harrington, led the transaction. Construction is underway on Riverbend. It's set to open to the public in late 2015.

Gatlin Development, which is led by prolific developer Frank Gatlin III, is building the $50 million, two-phase project. This is Gatlin and Mayan's second investment venture together in Florida. Last year, Mayan funded $3 million in Gatlin's Jacksonville, FL portfolio, which includes three shopping centers anchored by Walmart Neighborhood Markets.

“As South Florida's appetite for new retail developments in both suburban and urban neighborhoods continues to intensify, we felt investing in the ground-up development of Riverbend Marketplace was the right move,” says Shapiro. “Mayan's approach to investing in high-caliber projects led by best-in-class sponsors has demonstrated a long track record of positive returns. The long Walmart track record and strong trajectory of Gatlin Development, along with the market dynamics we're seeing in the Fort Lauderdale area, were important factors in our decision to make this multimillion-dollar investment in the project.”

Located just west of the interchange of Interstate 95 at 2400 West Broward Boulevard, the 37-acre Riverbend will bring an 186,000-square-foot Walmart anchor store to the community. Small and mid-size shops and retailers will fill in the shopping center's remaining spaces.

“With the Riverbend Marketplace project, we aim to bring an incredible shopping experience that has long been awaited in this area and to create a development that will benefit the local economy,” says Fried. “Our project will signify a lifestyle change, as area workers and local residents will have a full-service shopping center with a national retailer to meet their shopping needs.”