The mall, at 3984 W. Hillsboro Blvd., is approximately 94% occupied. Tenants include Publix, Office Max, T.J. Maxx, The Sports Authority, Marshalls, Walgreens and Sunrise Cinemas.
As a condition of the mall's sale, it will undergo a significant renovation this year, costing at least $450,000, Barry Ross, a principal in the buying partnership, says in a statement. William Matz is also a principal in the partnership.
"We made the offer to get the city to agree to resolve some code enforcement issues that were clouding the title," Ross states. He added that the mall is suffering from delayed maintenance. The improvements will include painting, a new facade and awnings, acid cleaning and extensive landscaping. "You won't recognize the place," Ross adds.
This mall represents the last of the company's four retail properties in Florida to be sold, Mark Gilbert, senior director of Cushman & Wakefield in Miami, says in a statement. Gilbert represented Investcorp in this sale.
This month, Investcorp also sold the 154,000-sf Catalina Centre retail property in Boynton Beach, FL to a partnership controlled by Roberts Equities Inc. of New York for more than $19.2 million, or about $125 per sf.
The new owners of Catalina Centre also bought the 188,000-sf Somerset Shoppes in Boca Raton, FL, last fall from Investcorp for $38.8 million, or $208 per sf. Additionally, late last year, Investcorp sold the River Bridge Centre in West Palm Beach, FL for $25 million.
Richard Tarquinio, first vice president with CB Richard Ellis Inc.'s Miami office, who represented Investcorp in the Catalina Centre transaction, told GlobeSt.com earlier this month that Investcorp felt it was a good time to sell its Florida retail properties and focus on buying properties in other parts of the country.
The most recent sale represents one of the largest South Florida retail deals in the last several years and is the biggest single-property acquisition by the Ross Matz firm.
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