Broward Bowling Alley and retail centers sell for $ 59 million

Arnaud Karsenti, Director, 13th Floor Investments, in front of the Holiday Bowling Center & Sports Bar in Hollywood, FL (13th Floor Investments, Google Maps)

In separate stores totaling nearly $ 59 million, 13th Floor Investments bought a bowling alley in Hallandale Beach, while Terra and Stiles sold retail centers in Pembroke Pines and Fort Lauderdale.

Terra and Stiles sales show sustained momentum for outdoor shopping malls. In recent months, investors have flocked to retail properties anchored by grocery stores, discount retail chains like Ross, and large tenants.

Meanwhile, 13th Floor Investments previously said it intends to redevelop its newly acquired location, which is near Big Easy Casino, owned by Jeffrey Soffers Fontainebleau Development.

Holiday Bowling Center & Sports Bar

(Source: Google Maps)

A company managed by 13th Floor Principal Arnaud Karsenti, according to records, paid $ 18.5 million for six parcels totaling 15.5 acres, including the Holiday Bowling Center & Sports Bar at 106 Pembroke Road.

The seller is TS&B III LLC, a company managed by Ralph Thompson, William Spencer and Mark Butler. Thompson, Spencer, and Butler acquired the property through a deed transfer in 2012, but the records don’t show how much they paid.

A JLL team led by Manny de Zarraga represented the seller in the most recent transaction.

13th Floor intends to redesign the 16-lane bowling alley and the attached 19th Hole Sports Bar & Grill restaurant, according to a press release. The company, which has a number of large mixed-use projects in the pipeline, has not announced its specific plans.

The property, named Ashworth Park, is located in an opportunity zone and is designated for a variety of uses including residential, office, retail and senior housing, the press release said. An opportunity zone is a federally designated area that allows developers and investors to receive tax incentives to invest in that area.

The six parcels are also within the confines of the Hallandale Beach Community Redevelopment Agency. They form one of the last large-scale urban development areas in South Florida, JLL previously said.

Pines town center

(Source: Pine City Center Shops)

In Pembroke Pines, Terra sold another section of the mall in Pines City Center, a mixed-use development that the Coconut Grove-based company completed in 2019.

Lautaro RE Investments Corp., a Miami company led by President Mario Carrasco Hernandez, reportedly paid $ 23 million for 48,500 square feet of retail space on 10250 Pines Boulevard. Lautauro paid about $ 474 per square foot for a portion of the mall owned by the UFC Fit Gym, Space Coast Credit Union, and Maple Street Biscuit Co.

Josh Wade of Flagship Retail Advisors brokered the deal. In 2018, Terra sold the first phase of the Pines City Center to TA Realty for $ 80 million. Terra still owns about 100,000 square feet anchored by Hobby Lobby.

Galleria Plaza

(Source: LoopNet)

A company owned by Irvine, California-based real estate investor Dr. Esmail Shahidi, who is managed, paid $ 17.1 million for the Galleria Plaza at 2541-2595 East Sunrise Boulevard in Fort Lauderdale, according to records. The deal is $ 689 per square foot.

A subsidiary of the Stiles Corporation sold the Publix-anchored mall, which is located near the Galleria Mall. Stiles paid $ 2.3 million for the 26,272 square foot retail complex in 2014, records show. The building was completed in 1960.

CBRE’s David Donnellan represented the seller on the latest transaction. Paul Ahmed, also at CBRE, represented the buyer.

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