Search
 

Davie Partnership Pays $31M for Local Shopping Center

PEMBROKE PINES, FL-The Dutch Investment Group sold the 100%-leased property to a partnership of Ross Matz Investments Inc. for $112.18 per sf. The Dutch Investment Group paid $28.75 per sf less when it bought the property in 1996.

By Melissa Bogdany | Updated on May 24, 2004

PEMBROKE PINES, FL-A partnership of Ross Matz Investments Inc. of Davie, FL, has added another retail property to its portfolio–the 276,874-sf Pines City Center Plaza in this city.RM Pines City Center Plaza Partnership LLLP and RM Pines City Center Plaza KM LLC paid close to $31.1 million, or $112.18 per sf, for the shopping center. The principals of the buyers are Barry Ross and William Matz. The property was 100% leased at press time. Tenants at the property, located at 10101-10501 Pines Blvd., include anchors Kmart, Modernage Furniture and Sedano’s Supermarket.The Dutch Investment Group, as the company is called in the US, sold the property for nearly $8 million more than the company paid for it eight years ago. It paid $23.1 million, or about $83.43 per sf, in February 1996. The Dutch Investment Group managed the property the entire time the investment group owned it.The Dutch Investment Group had a designated holding period of seven years, says AJ Belt, chief operating officer of DBR Asset Management LLC of Fort Lauderdale, FL, which represented the Dutch Investment Group in the transaction. “They feel as though the properties’ value will achieve a certain level at that time. We went a little longer than the seven years, but still the returns were” desirable.”For a property to be owned for only eight years and have over a $7-million increase in value has proved to be an excellent return on investment,” according to Belt.Ross Realty Investments Inc. represented the buyers in the sale. Blackrock Realty Property Advisors was the listing broker.The same partnership that purchased Pines City Center Plaza also bought the 371,000-sf Deerfield Mall in Deerfield Beach, FL, early this year for $42.6 million, or $114.82 per sf. The mall is undergoing a significant renovation this year, costing at least $450,000.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.