As part of a $22.2 million deal, a partnership involving a Spanish real estate investment firm has added an Aldi-anchored mall at Plantation to its South Florida shopping spree.
Azora Exan, a joint venture between Madrid-based Azora and Miami-based Exan Capital, has acquired Plantation Crossing, a 70,369 square foot retail site at 2140 West Sunrise Boulevard, according to a press release. The deal comes down to around $316 per square foot.
Founded last year, Azora Exan paid $37 million in July for a five-story Miami Beach building fully leased to WeWork. The company is led by managing partners Juan Jose Zaragoza and Fernando Perez-Hickman.
Kirk Olsen and Drew Kristol led a Marcus & Millichap team that represented buyer and seller, an entity managed by Beth Azor, founder of Azor Advisory Services, a Weston-based commercial real estate investment and advisory firm.
In 2012, the Azor entity paid $15.7 million for Plantation Crossing, which was built in 1999, records show.
The mall hit the market less than three months ago with an asking price of $23 million, Azor said via email. Investor appetite for grocery-anchored South Florida retail sites played a role in Plantation Crossing’s sell-off, she added.
“The demand for anchored centers in a grocery store is very high and very few were in the market when we decided to sell,” Azor said. “I thought we did the best we could with it. We bought a non-food retail asset with very few credit tenants and added Aldi, Sherwin Williams and Concentra Health.
Under his ownership, Plantation Crossing also added Fitness Systems to replace a Michaels store and Salon Suites to take over space previously occupied by Pier One, Azor said.
This month, an entity run by Boca Raton-based real estate investor James Batmasian paid $17 million for a Deerfield Beach mall anchored by a Walmart neighborhood market. Also this month, Longpoint Realty Partners purchased El Paraiso, a two-building shopping center in Hialeah, for $43.2 million. The property is anchored by a Sedano grocery store.