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MARGATE, FL-A strategically-located, 28-year-old mini retail asset at 9705 S. State Road 7 here has changed hands at a price almost three times higher than its 1981 tag.

Kineret, a private investment group headed by Michael Sasoni and Abe Weinstein paid Sun Plaza of Margate Ltd. $1.2 million or $56.72 per sf. The property sold for $499,000 or $23.60 per sf in 1981, according to Miami-based Integra Appraisal and Real Estate Economics Associates.

Commercial Bank of Florida provided a $950,000 mortgage to the buyer. Seymour S. Abensohn is Sun Plaza’s principal.

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