The Davie, FL-based real estate company has purchased two shopping centers in as many months totaling 261,000 sf for a combined cost of $28.45 million or an average $109 per sf.
Using inhouse partnerships, Ross paid LEF/College Parkway LLC $11.1 million or $135.37 per sf for the 80,000-sf, 32-year-old, 100%-leased College Parkway Center at U.S. 441 and College Parkway in Fort Myers, FL, 150 miles northeast of Downtown Miami. JP Morgan Mortgage Capital funded the purchase.
The 14-tenant property, redeveloped completely in 2000, has quoted average rents of $18 to $20 per sf.
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