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PINECREST, FL-A private investor, Kenneth L. Shimm, has sold Southpark Centre, an 89,395-sf retail/office property at 12651 S. Dixie Highway, for just under $22 million, or $240.80 per sf, to a buyer identified only as Pinecrest Realty Associates LLC. The four-story building was constructed in 1985 and contains approximately 60,000 sf of ground-floor retail and 30,000 sf of office space.

Shimm acquired the property, which is just north of Falls Mall, shortly after it suffered damage from Hurricane Andrew in 1992. It had an existing securitized loan at above-market rate that matured in 2007.

“The substantial escalation in property values is making it feasible for sellers to absorb, in many cases, substantial penalties to unwind their unattractive existing debt,” says David Donnellan, first VP of the Boca Raton office of CB Richard Ellis. “The key to this deal was the seller’s willingness to absorb a fairly extensive cost to defease the loan in order for the buyer to be able to secure new financing at today’s favorable interest rates.”

Donnellan and Bill Strauss, VP in the same CBRE office, were exclusive advisors to Shimm and there were no other cooperating brokers. Donnellan and Strauss are members of CBRE’s South Florida retail private client group. Strauss tells GlobeSt.com the office space is 100% leased. “A new retail addition of approximately 7,000 sf is nearing completion,” he says, “but the original retail space is fully occupied.”

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