Longtime South Florida developers Steven Hudson and Charles Ladd Jr. bought an Oakland Park shopping center for $23.4 million.
Records show Hudson and Ladd, through an affiliate, bought the Festival Centre at 3400-3570 North Andrews Avenue from Sela LLC, managed by investor Amos Chess. The buyers secured a $12 million loan from Starwood Mortgage Capital.
Sela bought the 150,537-square-foot property in 2011 for $4.9 million, according to property records. The Festival Centre was built in the 1960s and spans 14.5 acres.
Hudson co-founded Fort Lauderdale-based Hudson Capital Group with his father, Harris “Whit” Hudson, in 1997, according to the group’s website. The family office invests in private equity, select startups and real estate, and it has developed more than 4,000 multifamily and condominium units throughout Florida.
Ladd leads Fort Lauderdale-based Barron Real Estate.
This is the latest investment for Hudson and Ladd in Broward County. In May the duo won city approval for a 138-key luxury hotel on East Las Olas Boulevard in downtown Fort Lauderdale.
Broward retail deals have been flowing in recent months. MMG Equity Partners bought Plantation Square at 1723-1797 North University Drive for $12 million in May.
That came on the heels of Castro Properties selling a Fort Lauderdale retail building at 2860 North Federal Highway for $7 million. One of the partners in Castron Properties is a former New York State Parks commissioner.