Prologis Sells 3 Broward Properties

Jan 04, 2016 No Comments by

Prologis sold a three-property retail portfolio in southwest Broward County to a a joint venture between DDR Corp. and Blackstone for $56.5 million.

In the biggest of the simultaneously recorded deals, Morris Miramar Associates, part of Prologis, sold the Fountains of Miramar at 3001 S.W. 160th Ave. (Dykes Road) for $35.79 million to BRE DDR IVB Miramar FL, the joint venture between Blackstone and DDR. U.S. Bank provided a $24 million loan to the buyer.

Located just north of Miramar Parkway, the shopping center totals 147,281 square feet. The price equates to $243 per square foot.

Fountains of Miramar was built on the 15.3-acre site in 2005. It last sold for $39.5 million in 2008. Tenants include Ross Dress for Less, Home Depot, Panera Bread, and Cold Stone Creamery.

The other two deals were retail buildings near the Pembroke Lakes Mall, although they are on opposite sides of busy Pines Boulevard. Prologis’ Morris Pembroke Lakes Associates sold the 51,152-square-foot building at 11251 Pines Blvd. for $10.53 million to BRE DDR IVB Pembroke FL. That deal equals $206 per square foot.

Leased to Jo-Ann Fabrics, the building was developed on the 4.6-acre site in 1994. It last sold for $7.83 million in 2012.

In the third deal, Prologis’ Morris Pines Associates sold the 70,444-square-foot center at 11330 to 11360 Pines Blvd. for $10.21 million to BRE DDR IVB Pembroke FL. The price equates to $145 per square foot.

Built on the 5.3-acre site in 2002, the property is leased to Aldi, buybuy Baby, and Office Depot. It sold for $9.67 million in 2011.

U.S. Bank provided an $11.4 million mortgage to DDR and Blackstone for both properties in Pembroke Pines.

 

Source:  SFBJ

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Broward County Retail, Industry News, NA, Retail
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