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Flamingo Falls, a Fresh Market-anchored shopping center in Pembroke Pines, sold for $33 million.
DDRM Flamingo Falls LLC, a subsidiary of Beachwood, Ohio-based Site Centers Corp. (NYSE: SITC), sold the 115,204-square-foot retail center at 2000-2300 N. Flamingo Road to SUSO 5 Flamingo Falls, in care of Slate Asset Management in Chicago. The price equated to $286 a square foot.
The property actually changed hands in July, but the deed was recorded for only $100 in consideration. A new deed was recently filed to reflect the full consideration of the deal.
The shopping center last traded for $23.85 million in 2003, so it gained in value.
It was constructed on the 15.7-acre site at the southwest corner of Flamingo Road and Sheridan Street in 2001. In addition to Fresh Market, tenants there include CVS, Aspira of Florida, John the Banker, Hair Cuttery, IHOP, Learning City Academy, Baitong Thai & Sushi Bar, Falls Jewelers, Papa Johns Pizza, and Chicken Kitchen.
Retail rents have increased in Broward County recently. With occupancy rates rising, tenants often pay higher rents for space.
This was part of a portfolio of 13 shopping centers CBRE brokered on behalf of Site Centers to the same buyer. Seven of them are in Florida.
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Total leaseable square footage
| Rank | Prior Rank | Mall / Prior (*Not ranked in 2021) / URL |
|---|---|---|
1 | 1 | Aventura Mall |
2 | 2 | Sawgrass Mills |
3 | 3 | Town Center at Boca Raton |
