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371,000-SF Deerfield Mall Sells for $42.6M

MIAMI-A partnership of Ross Matz Investments Inc. of Davie, FL has paid the New York-based investment group Investcorp $114.82 per sf for the 371,000-sf outdoor mall. Investcorp has been selling its Florida retail properties to focus on other areas of the country.

By Melissa Bogdany | Updated on January 17, 2003

MIAMI-A partnership of Ross Matz Investments Inc. on Wednesday bought the Deerfield Mall in Deerfield Beach, FL for $42.6 million, or $114.82 per sf.The Davie, FL-based partnership purchased the 371,000-sf outdoor mall from New York-based investment group Investcorp, which bought the mall for $34.7 million–or $7.9 million less–in late 1999.

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.

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