Franklin Street, one of the fastest-growing full-service commercial real estate firms in the Southeast, along with CBRE, the world’s largest commercial real estate services and investment firm, announce the sale of Magnolia Shoppes in the Coral Springs, Florida-submarket of Fort Lauderdale. Franklin Street’s Bryan Belk and John Tennant, represented a private investor from Lexington, Kentucky, that acquired the property for $23.2 million. CBRE’s Casey Rosen and Dennis Carson represented seller Regency Centers in the transaction that closed July 17. Franklin Street sourced the acquisition financing of $15.5 million from Citibank for the buyer at a fixed rate of 4.63 percent and will provide property management and retail leasing services for the new owners. No additional terms are available.
“We represented a client in a large 1031 exchange looking for a high-quality core investment,” says Bryan Belk, senior director of retail investment sales, Franklin Street. “While there are many power centers on the market, there are few strong centers for sale in core locations of major markets. The anchor, Regal Cinemas, had some of their strongest store sales for any location in their chain here.” Belk was joined by John Tennant, senior director of retail investment sales, Franklin Street, in representing the buyer.
“Magnolia Shoppes attracted significant buyer interest because of its affluent South Florida trade area and regional highway interchange location at the Sawgrass Expressway and University Drive,” said Casey Rosen, executive vice president at CBRE. “Buyers also favorably viewed the property’s internet-resistant tenant mix and successful Regal Cinemas anchor, which underwent a significant renovation in 2016.”
Magnolia Shoppes is located at 9645 Westview Drive in Coral Springs, in the center of the South Florida MSA at the regional highway interchange of the Sawgrass Expressway and University Drive. The property is anchored by a recently renovated Regal Cinemas theater and totals 114,118 square feet. Built in 1999, the shopping center is 100% leased with a tenant line-up of national names including Dollar Tree, Ben & Jerry’s, Broward Health and Creative Child Learning Center, H&R Block and W Salon & Spa.
About Franklin Street
Celebrating more than 10 years in the business, Franklin Street is a family of full-service commercial real estate companies focused on delivering value-add solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Real Estate, Capital, Insurance, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
