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Investor picks up Margate shopping center for $11M
Nearly 60K sf shopping center was built in 1985
A Hollywood-based real estate investor added a Margate shopping center to his commercial portfolio.
A company managed by Todd Nepola, president of Current Capital Management, bought the Crossroads Plaza at 5000 Coconut Creek Parkway for $10.7 million, according to records. The buyer, Crossroads Center LLC, took out a $9 million loan from Southstate Bank.
The seller is SW Global, an entity managed by Suk Hui Walsh and Chang Hak Kim. In 2005, Walsh bought the 59,777-square-foot shopping plaza for $5.8 million, records show. The same year, the deed was transferred to SW Global.
The building was completed in 1985. It is currently 95 percent leased, with Dollar General and the Hollywood Institute of Beauty as anchor tenants, and a company called Chen Medical just signed a lease for 7,400 square feet of space, Nepola said via email.
“Our plan is to bring in some more new tenants,” Nepola said. “[SW Global] occupied a thrift store and will be vacating [the 22,000 square-foot space] as a condition of sale. I have some offers already from tenants who want to follow Chen,” he added, citing “medical-type tenants and a gym.”
Nepola said $7.3 million from the loan was used for the closing, and the remainder will be used for renovations, including landscaping, signage and lighting improvements.
In the past 18 months, Current Capital has acquired five South Florida properties totaling more than 400,000 square feet, Nepola said. Last year, Nepola and Current Capital bought Promenade at Inverrary in Lauderhill for $12.7 million. The 143,430-square-foot retail center at 4402-4678 North University Drive was previously owned by Miami Beach parking lot owner Andrew Mirmelli and Miami Beach attorney Mark Alhadeff.
Earlier this year, Margate experienced two significant multifamily deals. Lynd, a San Antonio-based multifamily investment firm, paid $50.8 million in March for a 280-unit complex called Lakes of Margate at 5750 Lakeside Drive. In January, a subsidiary of real estate merchant bank Island Capital Group bought Celebration Pointe, a 282-unit complex at 5555 Celebration Pointe Lane, for $64 million.