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Miami firm pays $7M for Broward Walmart, plans new tenants

Miami firm pays $7M for Broward Walmart, plans new tenants
Ross and Rainbow USA have already signed on
February 02, 2016 03:15PMBy Sean Stewart-Muniz

The former Walmart building at 7300 West McNab Road in North Lauderdale

A former Walmart building in North Lauderdale was just purchased by investment firm RxR Capital Group, which is planning a new mix of retail tenants.
The Walmart is located at 7300 West McNab Road near the University Hospital and Medical Center. It’s sat empty for the past three years after Walmart replaced the location with a newly built supercenter down the street.
Wal-Mart Stores first purchased its older West McNab Road location in 1991 for $1.124 million. Two years later, the corporation built its 126,051-square-foot store there. The building sits on more than 15 acres — much of which is devoted to surface parking.
An aerial view of the former West McNab Road Wal-Mart site

Now, an affiliate of investment firm RxR Capital Group has purchased the retail building for roughly $55 per square foot — along with a host of caveats. As part of the deal, RxR has agreed not to bring in grocery tenants larger than 12,400 square feet, “Big Lots” stores above 35,000 square feet, or discount department stores above 50,000 square feet.
The company financed its purchase with an $11.97 million loan from BankUnited.
Broward County records reveal that RxR has already signed lease agreements with Rainbow USA Inc., which operates a clothing store, plus Ross Dress for Less Inc.

Source: The Real Deal

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