Davie Partnership Pays $31M for Local Shopping Center

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.