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Investor drops $31M for North Lauderdale shopping center – The Real Deal South Florida

Arena Shoppes, 7296 West McNab Road North Lauderdale (CBRE. iStock).

A North Miami Beach investor purchased a Broward County shopping center for $31 million.

Two entities controlled and registered by Alberto Dayan bought Arena Shoppes at the 7296 West McNab Road, North Lauderdale. The entities were provided with a $20.7million mortgage by FirstBank Puerto Rico.

According to a press release from CBRE, Mackenzie Lampman and Paul Ahmed arranged financing. CBRE members Dennis Carson, Casey Rosen and Casey Rosen represented seller. CBRE spokespersons claim that the property was listed on March 1. The asking price of this property was not disclosed.

Records show that Arena Capital, a Miami-based company managed by Ana Maria Pineros (and Oscar Rodriguez Pineros), paid $7m for the 15.5-acre former Walmart superstore. Arena, according to reports, purchased the property directly from Walmart and converted the 126051-square-foot bigbox building into an indoor shopping mall. It also added two outparcels buildings.

The property is now fully leased. Many tenants are still building out their spaces and have not yet moved because of Covid-related delays in building approvals. Ross Dress for Less, YouFit Gyms, Rainbow clothing shop and Ross Dress for Less are the current tenants.

Dayan wheels in South Florida retail properties deals. A Dayan entity sold Lighthouse Point’s strip center to Jeff Levitetz in 2018 for $7 million. Jeff Levitetz is a wholesale grocery executive.

Another Dayan entity paid $14.4million in 2020 for Shoppes On University. The Tamarac shopping center is home to Planet Fitness and La Colonia Medical Center. Dayan bought Nob Hill Place Shopping Center Sunrise for $23.5million in August. The property is anchored at New York Mart Asian Market, and Doris Italian Market.

Outdoor shopping centers continue to be a top property for retail investors in South Florida as the commercial sector recovers after the pandemic. According to a Colliers report, Broward’s average asking rent rose to $25.15 per square foot in its first quarter from $22.69 per square foot in last year. The retail vacancy rate dropped to 4.7% from 5.6%

Deals that involve grocery-anchored retail stores are very popular. Recent deals include a Plantation shopping mall that was anchored by a Food Fair and a Deerfield Beach shopping centre that was anchored Winn-Dixie’s Outlet.

Contact Francisco Alvarado

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