Sunrise Retail Center Sells For $3.5 Million

Jun 18, 2012 No Comments by

Local private investment group, Waterstone Capital LLC, purchased Springtree Center, a 46,760-square-foot retail center in Sunrise, Florida, for $3,475,000 or $74.36 per square foot.

CBRE Vice President William Strauss marketed the asset for sale and negotiated the transaction on behalf of the seller, Springtree LLC.

“There is strong investor demand to purchase well-located retail properties priced below replacement cost. Springtree Center was purchased as a long-term investment with significant opportunity to add value through lease up and capital improvements,” said Strauss.
The buyer, Waterstone Capital based in Bal Harbour, Florida specializes in acquiring distressed and underperforming loans and properties.

Built in 1978, the center is positioned along two major arteries in Broward County, located at 8027 West Oakland Park Boulevard at the intersection of University Drive.

Springtree Center was 32% occupied at the time of closing with major tenants including Mattress Giant and CCS Financial Services.

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Broward County Retail, Industry News, NA, Retail
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