Chicago area-based RMS Properties bought the Winn-Dixie-anchored Southland Shopping Center in Fort Lauderdale for $16.8 million.
James Casto’s Casto Properties, based in Fort Lauderdale, assigned the lease for the property at 901-1075 West State Road 84 to an entity tied to RMS Properties, records show. RMS’ affiliate took out a $12.8 million loan from Parkway Bank & Trust.
The retail center, built in the 1960s and 1970s, spans 15.2 acres, property records show.
Southland Shopping Center is 96 percent leased, according to Joseph Scarfone of One Investment Group, who represented the buyer. Steven Miskew of Southeast Centers represented the seller.
In addition to Winn-Dixie, the 173,110-square-foot plaza’s tenants include Bealls Outlet, Big Lots, Subway, Dunkin Donuts and Wendy’s, according to a property website by Southeast Centers.
RMS Properties, based in Schaumburg, Illinois, is a commercial real estate company established in the 1980s, with properties in Florida, as well as Illinois, Missouri and Wisconsin, according to its website. It is led by Daniel and Roshan Shoffet, records show.
Some of RMS’ other South Florida holdings include the County Square Shopping Center in Miami Gardens, Park Plaza in Pompano Beach and Island Plaza Shopping Center in Riviera Beach, according to its website.
South Florida’s retail market has shown signs of rebounding after the pandemic lockdown, with decreasing vacancies, prompting some landlords to increase rents to rates surpassing pre-pandemic times.
In Broward County, the retail vacancy rate dropped to 5 percent in the third quarter of 2021, after averaging 5.3 percent throughout 2020, according to a Colliers report.
The average asking rent rose to $22.96 per square foot in the third quarter of last year, from a previous high of $22.83 in the fourth quarter of 2019.
In other recent retail trades, James and Marta Batmasians’ Investments Limited bought a retail and office building in downtown Delray Beach for $18.5 million.