Sterling Organization To Sell Major Shopping Center In South Florida
Cushman & Wakefield’s Mark Gilbert, Adam Feinstein and Mitchell Halpern will lead marketing for the 563,000-square-foot retail center.
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Cushman & Wakefield’s Mark Gilbert, Adam Feinstein and Mitchell Halpern will lead marketing for the 563,000-square-foot retail center.
The JV completed the 71,000-square-foot retail project in 2024 and generated substantial leasing activity before the sale.
The project will deliver 14 studios, 35 one-bedroom units and 6 two-bedroom units.
The transaction included both a deed-in-lieu-of-foreclosure and a conventional sale supported by new financing.
The sale price breaks down to approximately $309 per square foot.
Gordon Messinger and Randy Carballo with CBRE represented the landlord in all lease negotiations.
The company intends to invest an additional $10 million into refurbishing the property.
The development includes a new 12,210-square-foot campus for Barry University’s College of Nursing and Health Services.
One tenant was represented by Tom O’Loughlin of CBRE, and the other was represented by Steve Medwin and Nick Wigoda of Newmark Southern Region LLC. Peter “PJ” Apol and Ryan Goggins represented Sunbeam Properties & Development in both deals.
The new assignments total more than 200,000 square feet.
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