Sawgrass Landing Shopping Center
The Sawgrass Landing shopping center in Sunrise has been sold for $29.1 million, spanning 48,284 square feet. This sale reflects a growing interest in retail spaces amidst a competitive market. Notable tenants include LA Fitness and Starbucks. With retail vacancy rates in Broward County increasing slightly, the sale indicates both opportunities and challenges in the region’s commercial landscape. New owners SK Realty Management plan to enhance the property, making it an exciting development for local shoppers and investors alike.
In a noteworthy real estate transaction that has quite the buzz around Sunrise, the Sawgrass Landing shopping center has officially changed hands for a cool $29.1 million. This bustling shopping hub, which is conveniently located just west of the popular Sawgrass Mills mall, spans a hefty 48,284 square feet of retail space, making it a prime asset in the area’s vibrant commercial scene.
The sellers, known as Trikon Sunrise Associates, are headed by Jon Samuel, who represents the Miami-based company Midtown Development. On the other side of the deal, the new owners come from SK Realty Management, a management group that operates out of Sunny Isles Beach, represented by Yakov Cohen and Shimon Bouskila.
The sale occurred through two separate deeds, which is a bit unusual but not uncommon in these types of transactions. The buyer secured an $18.5 million mortgage from City National Bank of Florida to help facilitate this purchase.
Originally constructed in 2006 on a 7.34-acre site, the shopping center has become a local favorite, featuring well-loved tenants such as LA Fitness, Starbucks, Panera Bread, Five Guys, Moe’s Southwest Grill, Sal’s Restaurant & Pizzeria, and T-Mobile. It’s easy to see why this space is highly sought after!
The sale price breaks down to an interesting $603 per square foot, which showcases the value of the property and its potential moving forward.
Interestingly, the average asking lease rate has climbed to $27.84 per square foot, a rise from $27.49 a year ago, which indicates a more competitive market for retail space.
Zooming in on the Sawgrass Park submarket, where Sawgrass Landing is nestled, the numbers paint a rosy picture. This area boasts a remarkably low vacancy rate of only 1.3% along with a healthy average asking rate of $32.58 per square foot. This suggests strong demand and an attractive environment for business owners looking to set up shop.
The sale of Sawgrass Landing is indicative of both the health of the local retail market and its strategic importance, given its proximity to another major shopping venue. As SK Realty Management takes the reins, it will be fascinating to see how they plan to leverage this valuable property. Will they make improvements? Will they introduce new tenants? Only time will tell, but one thing is for sure: the shopping scene in Sunrise just got a little more exciting!
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