Janoura Realty picks up Deerfield shopping center for $14M
Price breaks down to $191 per square foot
October 05, 2016 11:15AMBy Sean Stewart-Muniz
The Village Mart in Deerfield Beach
Michael Janoura’s Janoura Realty just bought a Deerfield Beach shopping center from Divito Enterprises for $13.95 million, marking the company’s second retail trade in South Florida in two months.
County records show Janoura bought the Village Mart Shopping Center, a 73,000-square-foot retail strip at 718, 784 and 814 South Federal Highway that was built in the 1970s on six acres of land. The deal breaks down to $191 per square foot.
The sale was brokered by Gary Broidis of Atlantic Commercial Group. According to data from the CoStar Group, the Village Mart is 71 percent occupied with asking rents between $13 and $25 per square foot, triple net. Janoura financed the purchase with a $12.95 million loan from Florida Community Bank.
Broidis said in an announcement that many of the center’s businesses have occupied the strip for more than 15 years, giving Janoura the opportunity to upgrade and re-tenant the property.
Divito, the seller, has owned the strip since 1985, when he acquired it from the Central Bank & Trust Co. for an unknown amount, according to county records.
As The Real Deal reported earlier in January, Deerfield Beach has seen a flurry of commercial and retail property trades over the past year as the city grows in popularity among South Florida investors. Last year, a shopping center similar in size to the Village Mart sold between investors for $10.5 million, or about $172 per square foot.
Janoura’s acquisition of Village Mart is the company’s second property trade in just two months. In September, the company sold the Lincoln Park Delray shopping center for $12.85 million, using the same entity for both that purchase and this latest deal, according to county records.
Source: The Real Deal