Excerpted from Sun-Sentinel story.
An investor from Kentucky has purchased the Magnolia Shoppes in Coral Springs for $23.2 million.
Regency Centers sold the plaza to Williams Magnolia Properties LLC in the transaction that closed July 17. State corporate records show Steven Vicroy of Lexington created the company in June.
Citibank financed the acquisition financing of $15.5 million at a fixed rate of 4.63 percent.
The plaza, at 9645 Westview Drive, is anchored by a Regal Cinemas theater. The 114,118 square foot shopping center built in 1999, is fully leased. The tenants include Dollar Tree, Ben & Jerry’s, Broward Health and Creative Child Learning Center, H&R Block and W Salon & Spa — businesses that the seller’s real estate firm called “Internet-resistant.”
“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, which represented Regency Centers.
Franklin Street, a commercial real estate firm, represented the buyer.
NOTE: Franklin Street’s Bryan Belk and John Tennant, represented the buyer.