Part of Margate shopping center formerly anchored by Penn Dutch sells for $12M – The Real Deal
A group of local investors sold part of a Margate shopping center anchored by a former Penn Dutch food center for $11.9 million.
Ross Realty Investments and SunCap Real Estate Investments sold the southern part of the Penn Dutch Plaza shopping center near the intersection of State Route 7 and Northwest 31st Street, according to records.
The buyer is an affiliate of Broward Meat and Fish Co. Owned by the Lujo family, the specialty grocer operates three locations in the region, in Pembroke Pines, North Lauderdale and Lauderdale Lakes.
Ross and SunCap are maintaining ownership of the northern part of the shopping center. Tenants there include The Toddler Club daycare center and a campus of Florida Career College, according to their websites.
Ross, led by Barry Ross, is based in Davie. Boca Raton-based SunCap is led by Brian Mark and Scott Auker.
The sellers bought the shopping center in 2015 for $18.5 million, records show.
In 2019, low-price meat and seafood seller Penn Dutch shut down the Margate store and a Hollywood location over listeria contamination and started liquidating the company, according to the Sun-Sentinel.
In 2017, the Penn Dutch Plaza investors sold an outparcel to Brightstar Credit Union for $2.2 million, according to records. In 2019, the investors sold another portion of the center for $575,000.
Recent retail property sales in Margate include a CVS pharmacy and adjacent drive-thru bank building fetching $7 million. A Margate car dealership was part of a $90.5 million multi-property sale to two Maryland billionaires.
Published at Wed, 06 Jan 2021 18:30:00 +0000