Miami-based Arena Capital sold a Broward County retail center for $395,000 above its listing price.
Buyer Zenix Properties, a Miami-based entity led by Roberto and Orlando Alberro, paid $13.5 million for Promenade Shoppes at 7910 West McNab Road in North Lauderdale.
Arena North Lauderdale Shoppes, an entity managed by Arena Capital principals Oscar Rodriguez Jr. and Ana Rodriguez, paid $2.2 million for the 4.4-acre property in 2017 and completed the shopping center one year later, records show.
Tiktin said the 39,760-square-foot shopping plaza was listed in November for $13.1 million.
The property selling for “$395,000 over listing price is a function of the market,” Tiktin said. “We received six list price offers, but the market started to run up. The seller wanted more and decided not to sell. The buyer got aggressive and gave the seller what they wanted.”
“The market for quality [retail] properties is very limited,” Tiktin said. “There is much more demand than when we went out in November. The retailers here are more service-type retail.”