Trader Joe’s-anchored retail center in Fort Lauderdale sells for $49M

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Trader Joe’s-anchored retail center in Fort Lauderdale sells for $49M
 
Published Monday, June 26, 2017

The 1600 Commons shopping center in Fort Lauderdale, which is anchored by Trader Joe’s, sold for $49.2 million.

HEP1600 LLC, managed by Jeffrey T. Halvorsen in Boca Raton, sold the 65,338-square-foot retail center at 1520 and 1550 N. Federal Highway to GA 1600 Commons LLC, an affiliate of Atlanta-based PGIM Real Estate, part of Prudential Real Estate Investors. New York Life Insurance Co. provided a $24.75 million, 10-year mortgage to the buyer.

The price equated to $753 per square foot — one of the highest values for a retail property in Broward County. That shows the value of a strong anchor tenant.

“We are pleased to finance this attractive and well located property,” said Rob Boyd, senior director of at New York Life Real Estate Investors’ Southeast regional office.

Dockerty Romer & Co. of Delray Beach brokerage the mortgage.

The 1600 Commons center was completed on the 6.2-acre site in 2015 and 2016. In addition to grocery store Trader Joe’s, tenants include Nordstrom Rack, Xfinity, Hair Cuttery, Anthony’s Coal Fired Pizza and Office Depot.

 

Source: South Florida Business Journal 


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