Davie, Florida – Our NNN Commercial Real Estate information is from south Florida, tonight. A South Florida retail shopping center sold in Davie, Florida. Davie is a western suburb of Fort Lauderdale, in Broward County. The retail shopping center that was sold is known as The Tower Shops. This retail shopping center is approximately 372,109 square-feet complex in Davie, and sold for $66.1 million. Turnberry Associates has sold the Tower Shops for approximately $26.5 million more than the balance of their commercial loan. The commercial real estate development is located at 1904 S University Drive. This commercial property is near the intersection of University Drive and I-595. These are two major roads in west Broward County, Florida.
The buyer of this commercial real estate development was Federal Realty Investment Trust. Federal Realty Investment Trust is a real estate investment trust (REIT) that owns, manages and develops retail shopping centers and mixed-use properties. Federal Realty Investment Trust is a Rockville, Maryland-based REIT, and pounced on this value-add net lease property in South Florida. This commercial real estate development offers a fantastic opportunity for expansion and increasing the net operating income (NOI).
This retail shopping center, Tower Shops is situated in a highly populated area with a population of about 323,360 within a five-mile radius to propel retail traffic. The commercial real estate development benefits from great national retail Tenants. This retail shopping center is anchored by The TJX Companies, Inc. (TJ Maxx) and Ross Stores Inc., Michaels, Old Navy and will wait for Best Buy. Best Buy is preparing to open a retail store later this year, possibly in the fall. The Tower Shops had lost some tenants with this economy crisis, including Linens ’N Things. However the retail shopping center has net-leased much of its formerly vacant space with other Tenants including Office Depot, Dress Barn, Pep Boys, DSW, Carter’s, and Bath & Body Works.
This Florida retail shopping center is also shadow-anchored by Costco Wholesale Corporation and The Home Depot, Incorporated. A shadow anchor can be described as a major retail store that generates a great deal of customer foot traffic and provides customer attraction for another retail shopping center of which it itself is not a part. The commercial real estate with Home Depot and Costco at Tower Shops are owner-occupied so they were not included in this transaction. Also, we are unaware if a 1031 exchange achieved with this commercial real estate deal.
The commercial property seller was Turnberry Associates. Turnberry Associates is one of the top commercial real estate development and property management companies in the Country. Turnberry Associates have had an roller coaster ride with this economy. Turnberry Associates did lose their premier property, Fontainebleau Las Vegas to bankruptcy. However, Turnberry Associates received a commercial loan extension on their prestigious Turnberry Isle Resort & Club. The Turnberry Isle Resort & Club is a beautiful piece of commercial real estate in growing Aventura area, just north of Miami.
The Florida retail shopping center, Tower Shops is the third commercial property acquired by Federal Realty’s South Florida investment property portfolio. Federal Realty Investment Trust also owns some great property including Del Mar Village in Boca Raton and Courtyard Shops in Wellington. Federal Realty primarily owns Class-A shopping centers in desirable retail regions and high-growth areas. The commercial investment properties owned by the company are anchored by supermarkets, drug stores or high-volume retail net lease Tenants. The Florida Car Insurance Company is leasing NNN Properties in this area.
We have more South Florida NNN Commercial Real Estate news. The LA Fitness Plaza sold for approximately $13.23 million in beautiful Palm Beach Gardens, Florida. This NNN Commercial Real Estate is located at 7100 Fairway Drive in Palm Beach Gardens. The Davis Cos. of Boston and The Sterling Organization of Palm Beach bought the former Publix anchored shopping center.
Publix moved out a few years ago to a brand new Commercial Real Estate development down the street. This Palm Beach Gardens LA Fitness Plaza is a retail center that is approximately 104,459 square-feet. The NNN Commercial Real Estate sellers were a fund advised by Prudential Real Estate Investors and Southeast Centers. This Commercial Real Estate development was built in 1990. It is nestled in behind a Chase bank at the cross streets of the Florida TURNPIKE and PGA Boulevard. Talay Thai is an option to relish Asian Cuisine in this Commercial Real Estate development. The Commercial Real Estate development also has fast food (quick-service restaurants) and Italian and Chinese food.
CONTACT Net Lease Properties Site for Acquisitions and Dispositions.
