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Plantation Crossing, a shopping center anchored by Aldi, was sold for $22.28 million.
Weston-based Plantation Crossings LLC, managed by Beth Azor of Azor Advisory Services, sold the 70,369-square-foot retail center at 12110 W. Sunrise Blvd. to Miami-based Azora Exan USA, a partnership between European real estate fund Azora Capital with Miami-based Exan Capital. Kirk D. Olson, Drew A. Kristol and Barry Wolfe of Marcus & Millichap represented the seller in the deal.
The property last traded for $15.7 million in 2012.
It was built on the 6.6-acre site in 2000. It’s located a block east of Flamingo Road, near the Sawgrass Mills mall.
“We received multiple offers on the property from both institutional and private investors,” Olson said. “The eventual buyer was attracted to the average lease term and the center’s strong tenant roster.”
Plantation Crossing is 97% occupied. In addition to Aldi, tenants include My Salon Suite, Sherwin Williams, Concentra Health, Fitness System and Family Eye Center.
“This deal represents another step in Azora Exan’s strategy to expand our retail property portfolio,” added Tomas Von Hartz of Azora Exan. “Not only in Miami, but throughout the country.”
With occupancy levels rising in the retail market, Broward County landlords have been able to raise rents on retail tenants this year. That has led to higher property values.
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Sum dollar volume sales/leases in S. Fla
| Rank | Prior Rank | Company / Prior (*Not ranked in 2021) / URL |
|---|---|---|
1 | 1 | Cushman & Wakefield |
2 | 2 | Newmark |
3 | 3 | CBRE |
