Investor deposits $31 million for North Lauderdale mall – The Real Deal South Florida
UPDATE, July 7, 2:25 p.m.: A North Miami Beach investor has bolstered its South Florida retail portfolio with the $31 million purchase of a Broward County mall.
Two entities run by Alberto Dayan purchased Arena Shoppes at 7296 West McNab Road in North Lauderdale, records show. The entities obtained a $20.7 million mortgage from FirstBank Puerto Rico.
Raul Pino of The Hype Real Estate Group represented the buyer.
Paul Ahmed and Mackenzie Lampman with CBRE arranged the funding, according to a press release. A CBRE team led by Dennis Carson and Casey Rosen represented the seller. The property came on the market in March, a CBRE spokesperson said. The asking price was not disclosed.
The seller, Arena Capital, based in Miami and managed by Ana Maria and Oscar Rodriguez Pineros, paid $7 million for the former 15.5-acre Walmart superstore site in 2016, records show. Arena bought the property from Walmart and renovated the 126,051-square-foot big-box building into a mall, adding two exterior buildings, according to published reports.
The property is fully leased, but several tenants are still building their spaces and have not yet moved in due to Covid-related delays in building approvals, the statement said. Current tenants include Ross Dress for Less, Dollar Tree, YouFit Gyms and Rainbow clothing store.
Dayan rides and does business in South Florida commercial properties. In 2018, a Dayan entity sold a mall in Lighthouse Point to wholesale grocery manager Jeff Levitetz for $7 million.
In 2020, another Dayan entity paid $14.4 million for Shoppes on University, a shopping center in Tamarac with a slate of tenants that includes Planet Fitness, La Colonia Medical Center and the Check Cashing Store. In August, Dayan bought the Nob Hill Place mall in Sunrise for $23.5 million. The property is anchored by Italian market Doris and Asian market New York Mart.
Outdoor malls are hot spots for retail investors in South Florida as this retail segment continues to rebound from the pandemic. In Broward, the average asking rent jumped to $25.15 per square foot in the first quarter, from $22.69 per square foot in the same period last year, according to a recent report by Colliers. The retail vacancy rate fell to 4.7% from 5.6%.
Deals involving grocery-anchored retail sites are particularly hot. Recently, a Plantation mall anchored by a Food Fair store sold for $38.4 million, and a Deerfield Beach mall anchored by Winn-Dixie and Bealls Outlet traded for $18.7 million.