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SUNRISE, FL-A joint venture of Fort Lauderdale-based Stiles Capital Partners and Chicago-based Capri Capital Partners has acquired the 234,169-sf Village Shoppes at Pine Plaza. The retail strip center at 4151 North Pine Island Rd. traded hands for $23.98 million.

The seller was Pine Plaza of Sunrise, Inc., which was represented by CB Richard Ellis first vice president David Donnellan and vice president William Strauss. Located in Boca Raton, Donnellan and Strauss are part of the company’s private client group of investment properties group. “The seller had owned the property for about 10 years and it was time to sell,” Donnellan tells GlobeSt.com.

The joint venture, called SCP-Capri Pine Plaza Owner LLC, plans to invest $3 million into the property, which sustained significant damage during Hurricane Wilma almost two years ago. The occupancy level of the property is in the low 80% range, due in part to the damage. Anchor tenants include Winn Dixie, Family Dollar, Beall’s Outlet and Sunrise Cinema. “There’s a lot of value that can be added to this property with a larger company operating it,” Donnellan says.

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