The recently renovated Arena Shoppes in North Lauderdale sold for $31 million.
Arena Shoppes and Arena Shoppes II, both managed by Oscar Rodriguez Jr. of Coral Gables-based Arena Capital, sold the 130,558-square-foot shopping center at 7140 and 7296 W. McNab Road.The buyer was Lyons Plaza Coconut Creek LLC and Arena Shoppes NL LLC, both managed by Alberto Dayan in North Miami Beach. FirstBank Puerto Rico, doing business as FirstBank Florida, provided a $20.77 million loan to the buyer. Dennis Carson, Casey Rosen, David Donnellan and Patricia Friend of CBRE represented the seller in the deal. CBRE’s Paul Ahmed and Mackenzie Lampman helped the buyer secure the loan.
In 2016, Arena Capital purchased the 15.5-acre site from Wal-Mart for $7 million. The Wal-Mart store closed several years earlier.
Arena Capital performed major renovations on the shopping center and constructed two out-parcel buildings. New tenants include Ross Dress for Less, Dollar Tree, YouFit Gyms, and Rainbow clothing. Huey Magoo’s and Snappers restaurants are coming soon, according to an online listing for the property.
A few weeks earlier, Arena Shoppes sold the 32,437-square-foot site with a new restaurant building at 7202 W. McNab Road for $4 million to SOS McNab LLC, managed by Edward B. Bie in Indian Rocks Beach.
According to the first quarter report from Colliers International, the retail vacancy rate in Broward County declined to 4.7%, from 5.6% in the same quarter a year ago.
The average asking rate increased to $25.15 a square foot, from $22.69 a square foot.
By Brian Bandell – Real Estate Editor, South Florida Business Journal
Jun 17, 2022