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North Lauderdale Retail Center, Arena Shoppes, Trades for $31M
CBRE has secured $20.8 million in acquisition financing for Arena Shoppes, a 130,558-square-foot retail center in North Lauderdale, FL. The property sold for $31 million.
Dennis Carson, Casey Rosen, David Donnellan and Patricia Friend with CBRE represented the seller.
Paul Ahmed and Mackenzie Lampman also with CBRE represented the borrowers, Arena Shoppes NL, LLC, and Lyons Plaza CC, LLC, to arrange a 10-year, fixed-rate loan from a regional bank.
Quickly rising interest rates accelerated the loan closing as the lender was only willing to hold a very favorable rate for a short period of time. The loan also included additional funding for the development of a vacant outparcel located on the site.
“The acquisition of Arena Shoppes illustrates the continued demand for high-quality value-add retail properties in South FL,” said Ahmed. Arena Shoppes features 20 tenants and is fully leased, although several tenants are still building out their spaces.
- ◦Sale/Acquisition
