South Florida Suburban Shopping Centers Sell for Premium Prices
Two Class B shopping centers, one in Broward County and the other in Palm Beach County, traded this week for premiums to their previous sale prices.
In Coral Springs, 1750 Plaza at 1750 N. University Drive sold for $14.5 million, almost four times its last sale price in 2016, according to property records.
The seller was 1750 University Holdings LLC of Plantation. The new owner is REFLIN 25 Coral Springs LLC, an affiliate of One Global Property Management of Aventura.
The 46,712-square-foot plaza was built in 1984 and was renovated in 2019, according to Colliers International, which marketed the plaza. It last sold in 2016 for $3.8 million.
Tenants include breakfast chain First Watch, Jersey Mike’s Subs, Rita’s Italian Ice and two medical spas.
In the second deal, the Dollar General Plaza at 2695 N. Military Trail in unincorporated Palm Beach County sold for $11.75 million, according to a deed.
The seller was WPB Property Holdings LLC of West Palm Beach. The buyer is Renzulli Associates West Palm Beach Shopping Center of Norwalk, Conn.
The 46,188-square-foot plaza was built in 1986, according to property records. It last sold in 2006 for $5.7 million.
In addition to Dollar General, tenants include Papa John’s Pizza, a barber shop, a nail salon and other local retailers.
Jeff Ostrowski can be reached at email@example.com.