Nuveen Buys Suburban South Florida Retail Center for $46M
The open-air asset appreciated by just over 23 percent in four years
By Julia Echikson April 8, 2026 1:20 pm
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Nuveen is back to buying in South Florida.
The Chicago-based investor, which is owned by Teachers Insurance and Annuity Association of America, paid $46.3 million for a suburban retail center in Broward County, property records show.
Called Coral Landings III, the 23.2-acre property includes 172,526 square feet of leasable space at 3200 and 3480 Northwest 62nd Avenue as well as 6166 to 6208 West Sample Road, just west of North State Road 7, in Margate and Coral Springs.
Bank of America supplied a $52.2 million loan
The purchase is likely part of Nuveen’s $330 million retail-focused fund. The transaction equates to about $268 a square foot.
Tenants include grocer Aldi, which opened in 2022, as well as HomeGoods, Tijuana Flats, Sonic, Tropical Smoothie Café, Bonefish Mac’s Sports Grille, and MD Now Urgent Care.
The open-air asset appreciated by just over 23 percent in four years, when the seller, Sterling Organization, paid $37.5 million.
The sale marks the second recent offload for Sterling, a West Palm Beach-based private equity firm. In December, it sold the open-air Pompano City Centre for $65 million.
For Nuveen, it marks a return to buying after selling off some of its marquee properties. In 2024, the investor sold the 701 Brickell office building for $443 million in Miami’s second-largest office transaction. Last year, it sold a multifamily complex in Miami Gardens to Greystar for $94 million.
In recent months, Nuveen has focused on providing C-PACE financing in South Florida, including a portion of the $465 million construction package for Naftali Group’s residential tower in Downtown Miami.
Representatives for Nuveen and the Sterling Organization did not immediately respond to requests for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
