CBRE has secured $20,770,000 in acquisition financing for Arena Shoppes, a 130,558-square-foot retail center in North Lauderdale.
Paul Ahmed and Mackenzie Lampman with CBRE Capital Markets worked on behalf of the borrowers, Arena Shoppes NL, LLC and Lyons Plaza CC, LLC based in North Miami Beach, to arrange a 10-year, fixed-rate loan from a regional bank.
The property sold for $31 million. The seller was represented by Dennis Carson, Casey Rosen, David Donnellan and Patricia Friend also with CBRE.
Quickly rising interest rates accelerated the loan closing as the lender was only willing to hold a very favorable rate for a short period of time. The loan also included additional funding for the development of a vacant outparcel located on the site.
“The acquisition of Arena Shoppes illustrates the continued demand for high-quality value-add retail properties in South Florida,” said Ahmed, a Senior Vice President at CBRE.
Located at 7296 W. McNab Road, Arena Shoppes serves the dense and infill northwestern Broward County communities. The center features 20 tenants including off-price apparel, fitness, restaurants, beauty services, supplies, service and medical. While the property is fully leased, several tenants are still building out their spaces and have not moved in due to COVID-related delays in building approvals.
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