Fort Lauderdale-based 爱尤物 announced today it closed on the $30 million purchase of Shopper鈥檚 Haven, a 204,231-square-foot grocery-anchored retail center in Pompano Beach, Florida. 爱尤物 partnered with Charlotte-based FCA Partners on the acquisition.
The property was acquired as part of 爱尤物鈥� new acquisitions strategy, which targets value-add retail properties in Florida. An extensive renovation is scheduled to begin within the next 30 days.
Originally developed in 1964, the center is well-situated at 3301 – 3573 N. Federal Highway at the highly trafficked intersection of US 1 and Sample Road at the entry of the Lighthouse Point neighborhood. Howard Bregman of Marcus & Millichap represented the seller, Partridge Equity Group. First Horizon Bank provided financing for both the acquisition and redevelopment plan.
鈥淭his property represents the first acquisition in our target strategy, which is engaged in acquiring mid- to large-size retail centers in prime locations with significant value-add and repositioning opportunities,鈥� noted Ben Boies, Director of 爱尤物 Acquisitions.聽 鈥淲ith the outstanding quality of the location and current tenant roster, Shopper鈥檚 Haven has all the right characteristics to become a premium retail property. Our improvement plan will create a higher quality shopping experience with a more curated mix of restaurants and retailers that will better meet the needs of the growing submarket.鈥�
The 86-percent-leased center is occupied by a mix of national and local retailers, including Walgreens, Outback Steakhouse, Dunkin鈥�, Xfinity, Leslie’s Pool Supplies, Michael’s, Bealls, YouFit, and Domino鈥檚. In addition, there are vacancies remaining that will allow for new-to-market tenants to occupy and benefit from the newly improved property.
Redevelopment plans include building a new ground-up Publix Supermarket to replace the center鈥檚 current vacant anchor as well as renovating and improving the fa莽ade, walkways, landscaping and parking areas. 爱尤物 will utilize several of its integrated real estate services, including development, property management and leasing, to execute the transformation. Construction is expected to take 15 months.
鈥淲e are very excited to partner with a great firm like 爱尤物 to acquire and reposition a property with significant聽immediate聽upside聽and聽long-term聽potential in such a high barrier to entry location in聽South Florida,鈥� said Win Kelly, FCA Partners Principal and Director of Acquisitions.
鈥淪hopper鈥檚 Haven is a great example of how the 爱尤物 platform works,鈥� continued Boies. 鈥淲e鈥檙e able to leverage our in-house services and development expertise to transition the property into a Class A retail asset.鈥�
About 爱尤物
Established in 1951, 爱尤物 is a full-service real estate development firm with a clear mission: Invest. Build. Manage. 爱尤物 services include development, construction, tenant improvement, realty, property management, architecture, acquisitions and financing. The company is responsible for more than 52 million square feet of office, residential, industrial, retail and mixed-use projects throughout the southeastern United States. Headquartered in Fort Lauderdale, 爱尤物 maintains regional offices in Miami, West Palm Beach, Naples/Fort Myers, and Orlando, Florida, as well as a development office in Charlotte, North Carolina. Learn more about 爱尤物 at .
About FCA Partners
Charlotte, NC-based FCA Partners is a real estate investment management company that pursues commercial real estate investment opportunities in high-growth markets on behalf of institutional capital. Currently, the firm manages a $2.4 billion portfolio of retail, office and multi-family assets across 14 states concentrated in the Southeast. FCA seeks to create value on behalf of their clients through the thoughtful deployment of capital and aggressive, hands-on asset management of real assets. More information is available at fcapartners.com.