Broward - Big deals: commercial real estate - Brief Article

South Florida CEO, July, 2003

Shopping Center Deals

A subsidiary of West Palm Beach-based Goodman Co. sold the 147,572-square-foot Shoppes at Parkland on Hillsboro Boulevard in Parkland for $19.99 million. Magnolia Star Parkland Ltd. bought the center from the subsidiary, Parcland Associates Ltd., with a $17 million loan from Wachovia Bank. Also, a subsidiary of Virginia-based Mills Corp. spent $109.32 million for the Broward Mall, located at 8000 W. Broward Boulevard in Plantation. The seller was C.F. Broward Mall, a subsidiary of Canada-based Cadillac Fairview Finance. West Deutsch Immobilienbank financed the purchase with a $62 million mortgage. C.F Broward Mall paid $74.2 million for the property four years ago.

Sunrise Apartments Sold

Heather Glen, a 234-unit luxury apartment complex located in Sunrise, has been sold for $25.5 million to Miami-based Heather Glen 234. The seller was J&P Construction of Palm Beach Gardens. The 10-acre apartment complex features three 17-story buildings and is located at 731 SW 148th Ave. in Sunrise. The deal was brokered by the Miami office of The Apartment Group, a division of Cushman & Wakefield.

Mobile Home Park Deal

The Rexmere Village mobile home park on Hiatus Road and State Road 84 in unincorporated Broward County was sold to James M. Dale for $14.41 million, in three separate transactions. Rexmere Lake Village sold the operating shares of the park for $9.8 million, Marilyn and Curtis Deem sold the land for $1.84 million, and trustee Ida Hinterberger sold shares for $2.76 million. Dale then refinanced the property for $19.5 million.