Investor drops $31M for North Lauderdale shopping center – The Real Deal South Florida

Arena Shoppes, 7296 West McNab Road North Lauderdale (CBRE. iStock).

An investor in North Miami Beach added to his South Florida retail portfolio by purchasing a Broward County shopping centre for $31 million.

Records show that Arena Shoppes at 7296 West McNab Road, North Lauderdale was purchased by two entities controlled by Alberto Dayan. FirstBank Puerto Rico provided a $20.7million mortgage to the entities.

According to a press release, Paul Ahmed and Mackenzie Lampman from CBRE arranged financing. Dennis Carson and Casey Rosen, both members of CBRE, represented the seller. According to a spokesperson for CBRE, the property was put on the market in March. The asking price of the property was not disclosed.

In 2016, records show that the seller, Miami-based Arena Capital, managed by Ana Maria Pineros (and Oscar Rodriguez Pineros) paid $7 million for the 15.5 acre former Walmart superstore site. According to reports, Arena purchased the property from Walmart and converted the 126,051-square foot big box building into an indoor shopping center. It also added two outparcel buildings.

The property is now fully leased. However, many tenants are still building out their spaces, and have not yet moved due to Covid-related delays with building approvals. Ross Dress for Less is a Dollar Tree, YouFit Gyms and Rainbow clothing shop are the current tenants.

Dayan wheels in South Florida retail property deals. A Dayan entity sold a strip center in Lighthouse Point to Jeff Levitetz, a wholesale grocery executive, for $7 million in 2018.

Another Dayan entity paid $14.4million for Shoppes On University in 2020. This Tamarac shopping center has a tenant list that includes Planet Fitness and La Colonia Medical Center. Dayan purchased Nob Hill Place Shopping Center, Sunrise, for $23.5 million in August. The property is anchored in New York Mart Asian Market and Doris Italian Market.

As the South Florida commercial sector continues to recover from the pandemic, outdoor shopping centers are a star property for retail investors. According to a Colliers report, Broward’s average asking rent rose to $25.15 per square foot in its first quarter from $22.69 per square foot in last year. From 5.6 percent, the retail vacancy rate fell to 4.7%.

Deals involving grocery-anchored retail sites are very popular. Recent deals include a Plantation shopping mall that was anchored by a Food Fair and a Deerfield Beach shopping centre that was anchored Winn-Dixie’s Outlet.

Contact Francisco Alvarado

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