(For more retail coverage, click GlobeSt.com/RETAIL.)
PEMBROKE PINES, FL-El Paso-based Verde Real Estate Investment has acquired the 276,874-sf Pines City Center Plaza at the northwest corner of Pines Boulevard and Palm Avenue for $40 million. The seller of the property was Davie-based Ross Matz Investments Inc.
Miami-based Blackrock Retail Property Advisors acted as exclusive agents to the seller, which is an entity of Ross Realty Investments Inc. Casey Rosen, Dennis Carson and Michael de Guzman handled the transaction for Blackrock.
The shopping center is anchored by Kmart, a Sedano's grocery store and a Navarro Discount Pharmacy. The property was 95% occupied at the time of the sale, Rosen tells GlobeSt.com. "The seller had added value to the property and felt it was a good time to sell," Rosen says.
The buyer acquired the property because one of its strategies for acquiring property is to target properties that are located in areas with large Hispanic populations. "The buyer is looking to steadily upgrade the tenancy and rise rents as they are able," Rosen says.
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