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University Marketplace Sells for $14M

PEMBROKE PINES, FL-A California-based 1031 tenant-in-common syndicator paid about $113.96 per rentable sf for the 17-year-old, 125,704-rentable-sf center. The seller was Regency Centers, a national shopping center owner and operator.

By Melissa Bogdany | Updated on August 20, 2004

PEMBROKE PINES-Regency Centers sold University Marketplace, a neighborhood shopping center in here, for $14.3 million. A 1031 tenant-in-common syndicator based in California purchased the center, located at the southwest corner of University Drive and Pines Boulevard. The building consists of 125,704 sf of rentable space built in 1987; the price represents approximately $113.96 per rentable sf.The center’s anchor tenants are a 21,793-sf Café Iguana, an 18,530-sf Beverly’s Pet Center and a 14,000-sf Anna’s Linens store. The separately owned Albertson’s grocery store at University Marketplace was not part of the sale.Anthony Blanco, Casey Rosen and Nikolas Kozy of Miami-based Blackrock Retail Property Advisors were the exclusive agents representing Regency Centers in the transaction. Regency Centers is a publicly traded owner and operator of neighborhood and community shopping centers. The company has a $3.2 billion, 29.9 million-sf real estate portfolio nationwide.

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