Robert Khodadadian – Commercial Observer
Completed in 1988, the property, called Plaza La Mer, features five retail buildings totaling 120,152 square feet. The mall spans 10 acres at 14051 U.S. Route 1, adjacent to Donald Ross Road and a block west of the beach. The sale equates to $225 a square foot.
Tenants include Dunkin’, Trustco Bank, a yoga studio and a dentist office, among others. Two storefronts, which together span 2,500 square feet, remain available for leasing, according to a listing from July. The asking rent is $22 a square foot, triple-net.
The seller, Pompano Beach-based accountant Jeffrey Steiner, purchased the mall for $3.6 million in 1993, according to property records. The accountant could not be reached for comment. A representative for Bucksbaum, a Chicago-based investor that specializes in retail properties, did not immediately respond to a request for comment.
Retail sales in South Florida have picked over the summer. The largest being Edens’ $88 million purchase of an open-air shopping center in West Boca Raton. BPS Partners bought a Publix-anchored shopping center in Jupiter for $39 million.
Recent sales of similar strip malls include the $27 million sale of a Regal Cinemas-anchored property in Coral Springs and the $14.8 million sale of a mall in Tamarac anchored by a Quince Supermarket.
Bucksbaum Properties paid $27.1 million for a strip mall in Juno Beach, Fla., property records show. Completed in 1988, the property, called Plaza La Mer, features five retail buildings totaling 120,152 square feet. The mall spans 10 acres at 14051 U.S. Route 1, adjacent to Donald Ross Road and a block west of the beach. Read More
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
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