MMG Equity Partners has acquired 234-268 S University Drive and 120-150 S University Drive, a 6.18-acre site on the SE corner of South University Drive and Broward Boulevard in Plantation.
The property consists of 35,850 square feet of retail space along University Drive, plus 19,680 square feet of office suites tucked behind the shopping center. At the time of sale, Plantation Community Plaza was 85 percent leased to 17 retail tenants, including The Vitamin Shoppe and Relax the Back, among others. Office Villas was 96 percent leased.
David Donnellan and Patricia Friend with CBRE represented the seller, IAC Properties, a Florida-based entity managed by Marvin Feinstein, in the transaction.
“This property is exceptionally well-located in the heart of the dynamic Plantation submarket, fronting University Drive just south of Broward Boulevard, and directly across from the Westfield Broward Mall,” said Donnellan, a Senior Vice President at CBRE. “While the property was built in 1975 and was is in need of physical renovation, a very strong field of investors were attracted to this irreplaceable location.”
MMG purchased the property for $17,100,000. Apollo Bank provided the buyer with a $4,900,000 acquisition loan.
Plantation Community Plaza is in Plantation’s midtown district. With all F&B and service-oriented tenants, rents 25-30% below market, and employment/population density quickly growing vertically within the immediate area, the property offers great long term value for MMG,” explained Marcos Puente, MMG’s Director of Acquisitions.
MMG has been an active buyer of South Florida real estate. In November 2021, MMG acquired Homestead Corner and in May 2021, acquired Plantation Square Plaza in Plantation.
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