Thor Equities Enters S. Florida With $120M Deal

MIAMI-In a deal valued at $120 million, New York-based Thor Equities acquired two retail centers in South Florida from Transwestern, a Chicago-based advisory firm. The two properties–the 455,000-sf CocoWalk in Coconut Grove section of the city and the 272,000-sf Beach Place in Fort Lauderdale–total 727,000 sf.

“The properties mirror what we’re looking for,” Thor Equities’ director of corporate marketing Carl Reggie tells GlobeSt.com. “Our focus is ethnic urban markets. We’re always cultivating new deals and we try to foster a deal before it comes to market and we were fortunate these properties were available.”

CocoWalk is home to eight restaurants and bars as well as national retailers such as Banana Republic, B. Dalton Booksellers and the Gap. The complex–which was built in 1990 and expanded in 1999–also features a 16-screen AMC Theater multiplex. The center consists of approximately 195,000 sf of retail space and an approximately 260,000-sf parking garage.

Beach Place, located on Route A1A, is a multi-level center that features entertainment and restaurant tenants. It was built in 1997 and is home to Fat Tuesday, Max’s Beach Grill, Hooters of Beach Place and Café Iguana. The center consists of approximately 95,000 sf of retail space and an approximately 177,000-sf parking garage.

There are currently no specific plans to redevelop the centers, which have occupancy levels in the high 80% to low 90% range, according to Reggie. “I think the properties are in pretty good shape but I do know our approach is to refurbish wherever we can if need be and I do know that we’ve been in touch with tenants through our other projects that we would love to establish in these properties as well,” he adds.

The acquisitions are the first for the company in the South Florida market; however, Thor Equities is not targeting specific regions. “Our focus isn’t so much in a certain geographical area,” Reggie adds. “We definitely intend to be nationwide and our approach is to be in urban ethnic markets throughout the country.”

Thor Equities is a national development and redevelopment company that specializes in urban real estate projects and public/private partnerships. The company has purchased properties in New York, Chicago, Florida, New Orleans, Philadelphia, Atlanta, Detroit, Norfolk, VA and Puerto Rico.