Real estate honchos Steven Hudson and Charles Ladd Jr. bought the Primavera Plaza in Oakland Park for $10 million, their second retail purchase in the city in as many weeks.
Hudson, of Hudson Capital Group, and Ladd, of Barron Commercial Development, bought the property at 830 and 840 East Oakland Park Boulevard from ATID Investments, managed by investor Amos Chess, Hudson said.
The 51,594-square-foot strip center, which includes offices, was completed in the 1980s on 4 acres, according to property records. It last traded in 2002 for $3.35 million.
Some of the tenants at the property are Eastside Speech and Therapy, D’nails & Spa and Labcorp.
The purchase comes on the heels of Hudson and Ladd buying the Festival Centre at 3400-3570 North Andrews Avenue in Oakland Park for $23.4 million. The seller of that property also was an entity managed by Chess.
Las Olas Capital Advisors, based in Fort Lauderdale, provided $17 million in equity to the buyers for both deals.
Hudson’s and Ladd’s Foreward Management will manage the properties, Hudson said.
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, which also invests in select startups, has developed more than 4,000 residential units in Florida.
Ladd leads Barron Commercial, which also is based in Fort Lauderdale.
Oakland Park, long a Broward County city overlooked by developers, has piqued investors’ interest recently. Newrock Partners and Brickbox Development are building two multifamily projects in Oakland Park. In June, they scored a $67.5 million construction loan for their first apartment project. They also adapted older buildings into Industry I Oakland Park, where an enclosed farm, winery, music studio, photography and art studio are planned.
In another recent Broward County retail deal, MMG Equity Partners bought Plantation Square at 1723-1797 North University Drive for $12 million in May.