Franklin Street, CBRE Negotiate $23.2M Sale Of Coral Springs Shopping Center

Jul 25, 2018 No Comments by

Franklin Street, along with CBRE, announced the sale of Magnolia Shoppes in the Coral Springs.

Franklin Street’s Bryan Belk and John Tennant represented a private investor from Lexington, Kentucky, that acquired the property for $23.2 million. CBRE’s Casey Rosen and Dennis Carson represented seller Regency Centers in the transaction that closed July 17.

Franklin Street sourced the acquisition financing of $15.5 million from Citibank for the buyer at a fixed rate of 4.63 percent and will provide property management and retail leasing services for the new owners. No additional terms are available.

 

“We represented a client in a large 1031 exchange looking for a high-quality core investment,” says Bryan Belk, senior director of retail investment sales, Franklin Street.  “While there are many power centers on the market, there are few strong centers for sale in core locations of major markets.  The anchor, Regal Cinemas, had some of their strongest store sales for any location in their chain here.”

 

“Magnolia Shoppes attracted significant buyer interest because of its affluent South Florida trade area and regional highway interchange location at the Sawgrass Expressway and University Drive,” said Casey Rosen, executive vice president at CBRE. “Buyers also favorably viewed the property’s internet-resistant tenant mix and successful Regal Cinemas anchor, which underwent a significant renovation in 2016.”

Magnolia Shoppes is located at 9645 Westview Drive in Coral Springs, in the center of the South Florida MSA at the regional highway interchange of the Sawgrass Expressway and University Drive. The property is anchored by a recently renovated Regal Cinemas theater and totals 114,118 square feet.  Built in 1999, the shopping center is 100% leased with a tenant line-up of national names including Dollar Tree, Ben & Jerry’s, Broward Health and Creative Child Learning Center, H&R Block and W Salon & Spa.

 

 

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Broward County Retail, Industry News, NA, Retail
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