Brooklyn Brothers Buy Tamarac Strip Mall for $15M
By Julia Echikson August 25, 2023 10:00 pm
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Brooklyn brothers Albert and Elie Fouerti paid $14.8 million for a strip mall in Tamarac, Fla., property records show.
Called University Commons, the retail center, which sits on 7 acres, includes about 80,000 square feet of retail space at 6702 N University Drive, adjacent to West McNab Road.
Quince Supermarket and CVS Pharmacy anchor the property, which was completed in 1977. Other tenants include Dunkin’ Donuts, Quest Diagnostics and Tire Choice. Korean barbecue restaurant Yolo BBQ, which will occupy 9,000 square feet, is set to open next month, according to a press release issued by Marcus & Millichap, whose Drew Kristol and Kirk Olson brokered the recent transaction
Bar Invest Group bought the retail center for $9.3 million nearly two years ago, according to property records. The Coral Gables-based investor spent at least $125,000 on interior renovations this year.
The Fouerti brothers could not be reached for comment, while a representative for Bar Invest did not immediately respond to a request for comment.
Albert Fouerti founded online retailer Appliances Connection in 1992, which grew to become one of the largest private companies based in New York during the early 2010s, according to Crain’s. The entrepreneur stepped down as CEO last year.
The Tamarac transaction follows a string of retail deals across South Florida that have closed this summer.
Earlier this week, Williams Magnolia Properties sold a strip mall in nearby Coral Springs, anchored by Regal Cinemas, for $26.5 million. Up in West Boca Raton this month, Edens paid $88.4 million for a 237,498-square-foot open-air shopping center, making it one of South Florida’s largest retail deals so far this year. Last month, BPS Partners bought a Publix-anchored shopping center in Jupiter for $39 million.
Julia Echikon can be reached at jechikson@commercialobserver.com.
