Coral Landings III Grocery-Anchored Center Sells for $33.7M
- Mar 10, 2015
Coral Landings III, a 176,575-square-foot, grocery-anchored retail center between Coral Springs and Margate, has recently been sold.
HFF marketed the asset on behalf of the Fort Lauderdale-based seller, Stiles Corp. Madison Marquette Realty Services purchased the retail complex for $33.7 million, free and clear of existing debt. The investment sales team was led by Senior Managing Director Danny Finkle, Managing Director Luis Castillo, Associate Director Nat Scarmazzi and Director Analyst Kim Flores.
An HFF debt placement team led by Managing Director Mark Remington, Associate Director Jose Carrazana and Real Estate Analyst Neil Campbell also arranged $22.835 million in acquisition financing on behalf of the seller and secured a seven-year (five years of interest-only, followed by 30-month amortization), 3 percent first mortgage through Citizens Bank on behalf of the buyer.
Completed in 2011, the six-building property is currently leased to HomeGoods, Best Buy, Jo-Ann Fabric & Craft, Aldi and other national tenants. Located in one of central Broward County’s busiest retail hubs, the 23.25 acre site at Sample Road and North West 62nd Avenue (near U.S. 441) is exposed to an estimated daily traffic of 90,000 cars, according to HFF.
Stiles acquired the property via a note purchase and subsequent foreclosure in 2010, while it was still under construction. The former owner immediately secured construction financing to develop Phase II and increased occupancy from 49 percent to 85 percent during its ownership.
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