A look at the week’s commercial sales under $5M
Three properties in Miami-Dade, Broward and Palm Beach counties
September 11, 2015 05:15PM
By Ina Cordle and Sean Stewart-Muniz
Colonial Shopping Plaza
A 11,065-square foot shopping center at 9477-9493 Southwest 160th Street in Miami-Dade County has just sold for $3.35M, or $303 per square foot.
Marcus & Millichap brokered the deal for Colonial Shopping Plaza. Douglas K. Mandel, a senior vice president of investments, Benjamin H. Silver, a vice president investments, and Richard Niewiadomski, an associate, all in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a limited liability company from Miami Lakes, as well as the buyer.
According to Miami-Dade property records, the seller is Plugged Team LLC. The entity is managed by Jacky Gliksman and David Frank of MS Investment Services of Miami Lakes. The firm purchased the property for $2.5 million in 2011. The buyer is not yet known, as the deed has not yet been recorded.
“The buyer, a private investor from Miami, identified this property as part of a 1031 exchange for its location and long history of high occupancy,” Niewiadomski said in a statement.
Constructed in 1988, Colonial Shopping Plaza is 100 percent leased to eight long-term, local and regional tenants including Amscot Financial, Little Caesars and Cricket Wireless. It is across the street from Colonial Shopping Center, a Publix-anchored center that includes tenants such as Game Stop, Subway, RadioShack and Advance America.
The 39,899-square foot, five-building, multi-tenant office park at 1551 Forum Place in West Palm Beach sold for $4 million.
Marcus & Millichap also brokered the deal for Plaza 1551. Mandel and C. Todd Everett, a senior associate, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Red Bank, New Jersey. The buyer, a limited liability company from Coral Gables was also secured and represented by Mandel and Everett.
According to Palm Beach County property records, the seller is Forum Equities Inc., managed by Glen Maloof of Palm Beach Gardens. The company had purchased the property for $4.15 million in 2004.
The buyer is Daniel Stuzin, through his company KAS Pompano Beach, public records show.
The property sits on a 3.7-acre, lake-front lot, in the east Palm Beach Lakes office micro-market.
“This was an excellent opportunity to acquire a stabilized, multi-tenant office investment in the Palm Beach Lakes corridor of West Palm Beach. With the tightening supply of quality office product in the downtown submarket, Palm Beach Lakes Boulevard is seeing significant positive absorption,” Mandel said in a statement. “The buyers recognized the value and ability to push rental rates. In addition, the site is zoned OC (office commercial) allowing for high-density multi-family, commercial or hospitality redevelopment opportunities.”
Lot in Dania Beach
A waterfront property at 685 Gulfstream Road in Dania Beach has sold for $1.6 million.
St. George Guardabassi of Berger Commercial Realty represented Gary G. Wilkins in the sale of the 38,000-square-foot lot to 685 Gulfstream Road, LLC. The buyer intends to use the property for large yacht dockage, according to a release.
The purchasing entity is managed by Thomas Cornacchia of Connecticut, records show. Cornacchia is global head of fixed income, currency and commodity sales at Goldman Sachs.
Located within a superyacht repair area near Harbor Towne Marina, the property has 200 feet of deep-water frontage along the Dania Cutoff Canal with open access to the Atlantic Ocean.
Source: The Real Deal