Thor Equities Secures $36M to Refinance Fort Lauderdale’s Beach Place Retail
By Chava Gourarie January 9, 2024 4:25 pm
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Deutsche Bank (DB) provided $36 million to refinance Beach Place, a beachfront retail property in Fort Lauderdale, Fla.
Thor Equities owns the 96,000-square-foot asset, which was 98 percent leased when the loan was secured. Rialto Capital was also a lender on the deal.
The three-story asset at 17 S Fort Lauderdale Boulevard (also known as Route A1A) is accessible from the beach and connected to the Marriott Beach Place Towers. Tenants at the property include national chains such as Haagen Daaz, Subway and a CVS Pharmacy as well beachfront specialities Lulu’s Bait Shack and party venues Fat Tuesday and Hooters, the last of which occupies the full third floor.
Thor acquired Beach Place and the outdoor CocoWalk retail property in Coconut Grove for a combined $120 million back in 2004. At the time, the company secured a $90 million loan from Wachovia Bank, and later split the loan so that $38 million was backed by Beach Place and $52 million by Coco Walk, according to Broward County property records. Today, CocoWalk has been transformed into the retail centerpiece of the upscale Coconut Grove neighborhood — and is no longer owned by Thor.
The Beach Place property also offers parking for Fort Lauderdale Beach visitors, and is within walking distance of East Las Olas Boulevard, which provides access from Downtown Fort Lauderdale to the barrier island.
Chava Gourarie can be reached at cgourarie@commercialobserver.com.
