UPDATED, March 12, 5:55 p.m.: A shopping center in Tamarac sold for $14.4 million amid a retail construction boom in Broward County.
RM Tamarac Plaza LP, tied to Macerich, a Santa Monica, California-based mall REIT, sold the 93,599-square-foot Shoppes on University at 5716 North University Drive for $153 per square foot, records show.
Roalga LLC and Shoppes On University LLC, led by Alberto Dayan of North Miami Beach, acquired the property. The property is close to the intersection of North University Drive and West Commercial Boulevard.
CBRE’s David Donnellan and Patricia Friend represented the seller in the deal.
The property last traded for $4.2 million in 1999. The retail center was built in 1976 and recently underwent a complete renovation and re-tenanting, according to CBRE.
Tenants at the shopping center include Planet Fitness, La Colonia Medical Center, the Check Cashing Store, Metro Diner, Wingstop and Metro PCS.
Tamarac, in west Broward County, has a population of more than 60,000. West Broward is seen by investors as a safe bet for multifamily investors as the population continues to grow and the area is home to a number of large corporate tenants such as American Express in Sunrise and Magic Leap in Plantation. With more people moving to the area, retail properties could also get a boost, experts say.
One of the city’s biggest projects is Tamarac Village, which is under construction. The mixed-use project will include a four-story complex of 13 buildings with 401 rental apartments, a two-story clubhouse for the tenants, and three commercial buildings with more than 44,000 square feet.
While retail is struggling in other parts of the country, the sector is still faring well in South Florida. At the end of the fourth quarter of 2019, close to 1.2 million square feet of retail space was under construction in Broward County and vacancy rates remained low at 4.3 percent, according a recent report by Colliers International South Florida.