Sales  ·  Retail

Pine Tree Buys Open-Air Mall in Plantation, Fla., for $70M

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Site Centers sold a retail center in Plantation, Fla., for $70 million to Pine Tree, property records show.

Called The Fountains, the open-air mall totals 438,051 square feet across five buildings at 801 South University Drive within the 860-acre mixed-use Plantation Midtown District development. 

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The Fountain’s tenants include retailers Kohl’s, Dick’s Sporting Goods, Dollar Tree and Marshalls, as well as food offerings TooJay’s Deli, Five Guys and Olive Garden

Ohio-based Site Centers purchased the mall, which was completed in 1998, for $44 million in 2004, according to property records. Like Site Centers, Pine Tree specializes in open-air retail. The Illinois-based investor claims to have $2.5 billion worth of property under management.

Representatives for Pine Tree and Site Centers did not immediately respond to a request for comment.

Open-air retail properties are making a comeback following the pandemic when consumers remained home and shopped online. Work from home has made it easier for workers to pop into stores near their homes during the weekday.

In other sizable open-air retail sales in South Florida, grocer Publix paid $59 million for a shopping center in Coral Springs, Fla., where it is the anchor tenant.

Julia Echikson can be reached at jechikson@commercialobserver.com