Excerpted from Shopping Centers Today story.
In a 1031 Exchange, private investor from Lexington, Kentucky, acquired Magnolia Shoppes, in the Coral Springs, Florida-submarket of Fort Lauderdale, Fla. CBRE represented seller Regency Centers in the transaction, while Franklin Street represented the buyer. 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. Regal Cinemas anchors the center, which underwent a significant renovation in 2016. Other tenants include Dollar Tree, Ben & Jerry’s, Broward Health and Creative Child Learning Center, H&R Block and W Salon & Spa.