Adam Lustig Closes $15.7 Million Shopping Center Deal near Sawgrass Mills
Bilzin Sumberg Real Estate Practice Group Partner has closed the purchase of Plantation Crossings, an approximately 70,000 square foot shopping center complex at the southeast corner of Flamingo Road and Sunrise Boulevard in Plantation, Fla.
Bilzin Sumberg represented Plantation Crossings LLC, an entity controlled by Beth Azor, connection with the purchase of the shopping center from SCPlantation CB, L.P. and SCPlantation LV, L.P. The purchase price was $15.7 million and the buyer assumed the existing securitized loan of approximately $11 million. The loan servicer was Wells Fargo Bank.
According to Mr. Lustig, the biggest challenge of the deal was the loan assumption process, which took approximately five months to complete.
“Retail leasing and sales activity is picking up once again,” said Mr. Lustig. “Tenants are expanding and looking for new space as the economy continues to stabilize. This rings true particularly in South Florida, where foreign investment and residential growth is spurring retail development.”
The fully leased property’s anchor tenants include Comp USA, Michael’s and Pier 1 Imports.
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