Miami Beach, Florida – Today we have our Net Lease Properties information from the gorgeous South Florida area. We want to announce that a retail shopping center has recently sold in Davie, Florida. Davie is a western suburb, in the sub-market of Fort Lauderdale, Florida. This Net Leased Property was For Sale, and is called the Tower Shops. This Florida Net Leased Property is an approximately 372,029 square foot retail shopping center in Davie. This Net Leased Retail Shopping Center has sold for $66.1 million.
Turnberry Associates has sold the Tower Shops for a fair price. The NNN Commercial Properties Investor sold it for approximately $26.6 million more than the balance of their current commercial loan. The retail shopping center is situated at 1904 South University Drive. This net lease investment is near the busy intersection of University Drive and I-595, which are two highly traveled streets in Broward County, Florida. NNN Commercial Properties for sale, in this area benefit from the local heavy retail traffic.
The Net Lease Investment buyer happened to be Federal Realty Investment Trust. Federal Realty Investment Trust is a real estate investment trust (REIT) that owns NNN Properties, manages and develops retail shopping centers, NNN Commercial Real Estate and mixed-use properties. Federal Realty Investment Trust is a Rockville, Maryland-based REIT, and was one of many interested NNN Properties Investors for this value-add net leased property in South Florida. This net leased property offers a fruitful opportunity for expansion on the land parcel and increasing the net operating income (NOI).
This retail shopping center, the Tower Shops is positioned in a very densely populated area with a population of approximately 325,560 within a five-mile radius to help fuel retail traffic. The Florida retail shopping center benefits from their great national retail Tenants. This retail shopping center is anchored by The TJX Companies, Inc. (which owns TJ Maxx) and Ross Stores Inc., Michaels, Old Navy and will wait for Best Buy. Best Buy is preparing to open a retail store later this year, possibly in the fall. Yes the Tower Shops had lost some tenants, including Linens ’N Things in recent years. However the retail shopping center has net leased much of its vacant space with other Tenants including Office Depot, Dress Barn, Pep Boys, DSW, Carter’s, and Bath & Body Works.
This Florida retail shopping center is also shadow-anchored by Costco Wholesale Corporation and The Home Depot, Incorporated. A shadow anchor can be described as a major retail store that generates a great deal of customer foot traffic and provides customer attraction for another retail shopping center of which it itself is not a part. The commercial real estate with Home Depot and Costco at Tower Shops are owner-occupied so they were not included in this transaction. Also, we were not informed if a 1031 exchange was in play with this commercial real estate transaction
The net lease property seller, Turnberry Associates is one of the premier commercial real estate development and property management companies in the Country. Turnberry Associates have had an roller coaster ride with this economy. Turnberry Associates did lose their premier property, Fontainebleau Las Vegas to bankruptcy. However, Turnberry Associates received a commercial loan extension on their prestigious Turnberry Isle Resort & Club. The Turnberry Isle Resort & Club is a premier slice of commercial real estate in growing Aventura area, just north of Miami Beach.
Federal Realty Investment Trust has been very active in purchasing South Florida Net Leased Properties for sale. The Florida retail shopping center, Tower Shops is the third NNN commercial property acquired by Federal Realty Trust for their South Florida investment property portfolio. Federal Realty Investment Trust also owns prime NNN property including Del Mar Village in Boca Raton and Courtyard Shops in Wellington. Federal Realty primarily owns Class-A shopping centers in highly desirable retail regions and high-growth areas. The NNN commercial investment properties owned by the company are anchored by supermarkets, drug stores or high-volume retail net lease property Tenants. The Boca Raton Florida Property site is preparing to assist home buyers in Palm Beach County.
Federal Realty’s Investment Property portfolio (excluding joint venture properties) contains approximately 18.3 million square feet. Their commercial real estate is located for the most part in strategically selected metropolitan markets in the Northeast, Mid-Atlantic, and California. In addition, the Trust has an ownership interest in approximately 1.0 million square feet of retail space through a joint venture in which the Trust has a 30% interest.
Contact Net Lease Properties to purchase NNN Commercial Real Estate all across the Country. Re-development financing for NNN Property, and Single-Tenant net lease properties may get Commercial Loans at Loanrise.com.