Todd Nepola’s Current Capital Management picked up a pair of adjacent shopping centers in Lauderdale Lakes, beefing up its Broward County retail portfolio.
An affiliate of Hollywood-based Current Capital paid $23.7 million for Oakland Shopping Center at 4101-4397 North State Road Seven, and Lakes Medical Center at 4455-4485 North State Road Seven, according to Vizzda and records. Valley National Bank provided Current Capital with a $13.5 million acquisition loan for the 14.2-acre portfolio.
Oakland Shopping Center Lakes Medical Center (Current Capital Management)
The seller, an affiliate of Fort Lauderdale-based Corn Construction Group, developed the two primarily retail buildings spanning 167,000 square feet in 1977 and 1985, records show. The deal breaks down to roughly $142 a square foot.
Douglas Mandel and Tyler Kuhlman with Marcus & Millichap handled the listing and procured the buyer, a press release states.
Lakes Medical Center is anchored by a Dollar General store and has a mix of retail and medical office tenants, Current Capital President Nepola said via email. Oakland Shopping Center is mostly made up of mom-and-pop retailers that have been tenants for decades, Nepola said.
Tenants at both centers include United Surgical Partners International, Progressive Insurance, the Florida Department of Health, Puppy Universe and Oriental Food Market.
The centers have a combined vacancy of 30 percent, Nepola added.
“This was the reason we got such a great price,” he said. “My team at Current Capital will take over leasing and management, and look to get the property to over 90 percent occupancy over the next six months.”
Some prospective tenants have signed letters of intent, and Current Capital intends to apply for city grants to pay for a complete exterior façade restoration that will cost between $1.5 million and $2 million, Nepola said.
“The properties are in excellent condition, but in need of some modernization,” he said.
Current Capital is bullish on shopping centers in Broward and Palm Beach counties.
In April, Nepola paid $12.7 million for the Shoppes of Lake Worth in Lake Worth, and the Coco Plum Plaza in West Palm Beach. Last year, his firm bought Crossroads Plaza, a shopping center in Margate, for $10.7 million, and a Lauderhill shopping center, Promenade Plaza, for $12.8 million.