A Miami Beach investment group paid $15.8 million for the PMG Plaza in Fort Lauderdale.
PMG Airport LLC, which is led by Haim Yehezkel, Joseph Cohen and Roy Mussaffi of Miami Beach, bought the 38,334-square-foot property at 1101 North Federal Highway for $413 per square foot, records show. The seller is PMG Plaza, a Florida company led by Peter Gayda.
The property was last sold in 1997. Current tenants include AT&T, IHOP and Supercuts. The shopping center was built in 1985, records show.
Douglas K. Mandel and Elon D. Gerberg of Marcus & Millichap represented the buyer. The seller was represented by Howard Bregman and Joseph Granteed. The property could potentially be redeveloped, according to a release.
The property sits just north of Sunrise Boulevard and features 500 feet of direct frontage on Federal Highway. It is currently fully occupied, the release said.
Yehezkel and Mussaffi lead Elysee Investments, which owns and manages commercial properties in South Florida, including the Vue at Brickell and the Plaza at Brickell.
A company tied to Elysee recently sold a 367,848-square-foot industrial portfolio next to Miami International Airport to Blackstone for $56 million. In 2018, Haim Yehezkel bought the hotel component of the condo-hotel, Hyde Midtown in Midtown Miami for $21.8 million.