Former New York retail appliance moguls Albert and Elie Fouerti paid $14.8 million for a grocery store-anchored shopping center in Tamarac.
An entity managed by the Fouerti siblings acquired University Commons, a 81,649-square-foot strip mall completed in 1977, records show. Drew Kristol and Kirk Olson with Marcus & Millichap brokered the deal.
The seller, an affiliate of Miami-based Bar Invest Group, paid $9.2 million for the 7-acre site at 6702 North University Drive in 2021. The firm spent $125,000 renovating University Commons earlier this year, a press release states.
University Commons is anchored by Quince Supermarket and CVS Pharmacy, according to a Loopnet listing. Other tenants include Dunkin’ Donuts, Quest Diagnostics and Tire Choice. A new tenant, Korean restaurant Yolo BBQ, is set to move into a 9,000-square-foot space next month, the release states.
In 1992, Albert Fouerti founded Appliances Connection, a retailer that grew into one of the largest private companies in New York by the early 2010s, according to published reports. In 2020, private equity firm Goedeker’s bought Appliances Connection, and Albert Fouerti was named CEO. His brother Elie Fouerti was named Goedeker’s vice president.
In 2021, Goedeker’s changed its name to Polished, and last year the Fouertis resigned their positions with the company.
Retail trades in South Florida have picked up the pace in recent weeks. In Coral Springs, investors Guofeng Ma, Wenrui Ma and Wei Cheng last week paid $26.5 million for Magnolia Shoppes, a 114,000-square-foot shopping center anchored by a Regal Cinemas movie theater.
Also this month, Edens bought the Shadowood Square shopping plaza near Boca Raton for $88.4 million, and Benderson Development acquired a Pompano Beach grocery store leased to Publix for $7.1 million.
Last month, BPS Partners paid $39 million for a Publix-anchored shopping center in Jupiter. Other tenants at Bluff Square Shoppes include Walgreens, Locals Surf Shop, TooJay’s Deli, CrossFit Sea Dog, and Grind Juice Co.