Plantation Retail Center Fetches $11 Million
Plantation Crossings, a 70,000-square-foot shopping center at the southeast corner of Flamingo Road and Sunrise Boulevard in Plantation, has traded for $15.7 million. The buyer assumed the existing securitized loan of about $11 million.
Plantation Crossings LLC, an entity controlled by Beth Azor, purchased the center. Bilzin Sumberg Real Estate Practice Group’s Adam Lustig represented Azor.
SC Plantation CB and SC Plantation LV sold the asset.
The fully leased property’s anchor tenants include Comp USA, Michael’s and Pier 1 Imports.
Miami’s retail recovery will keep outpacing the nation as retailers occupy empty space even as most developers remain on the sidelines, according to Marcus & Millichap’s most recent retail report. The firm predicts international investment activity will continue to increase as foreign investors target Miami retail assets for safety plays.
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