CORAL SPRINGS, FL—Barry Wolfe brought the Plaza at Coral Springs to market shortly after the height of the recession. While the shopping center was one of the few properties in the area that stayed occupied during the economic downturn, it was a tough time to sell. Interest came and went, yet no deal was inked, according to an article written by GlobeSt.com sister publication, ALM's Daily Business Review.
According to the article, the 92,968-square-foot plaza is anchored by a movie theater, and investors often avoid theater-anchored properties for fear of replacing such a large, big-box tenant in the future, said Wolfe, senior vice president of investments in Marcus & Millichap's Fort Lauderdale office. Back then, the center also carried debt that would have to be assumed.
The property was taken off the market.
When Wolfe and Fort Lauderdale associate Alan Lipsky began marketing the property for a second time this year, about 10 offers flew in.
The brokers successfully closed a $17.74 million deal with 35 Oak US 5 Inc., the same Toronto-based buyer that expressed the most interest five years ago. The strongest interest came from the Canadian buyer and a Russian investor, Wolfe said.
To read more about the opportunity and the buyers, click here for the full story.
CORAL SPRINGS, FL—Barry Wolfe brought the Plaza at Coral Springs to market shortly after the height of the recession. While the shopping center was one of the few properties in the area that stayed occupied during the economic downturn, it was a tough time to sell. Interest came and went, yet no deal was inked, according to an article written by GlobeSt.com sister publication, ALM's Daily Business Review.
According to the article, the 92,968-square-foot plaza is anchored by a movie theater, and investors often avoid theater-anchored properties for fear of replacing such a large, big-box tenant in the future, said Wolfe, senior vice president of investments in Marcus & Millichap's Fort Lauderdale office. Back then, the center also carried debt that would have to be assumed.
The property was taken off the market.
When Wolfe and Fort Lauderdale associate Alan Lipsky began marketing the property for a second time this year, about 10 offers flew in.
The brokers successfully closed a $17.74 million deal with 35 Oak US 5 Inc., the same Toronto-based buyer that expressed the most interest five years ago. The strongest interest came from the Canadian buyer and a Russian investor, Wolfe said.
To read more about the opportunity and the buyers, click here for the full story.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
