Broward Bowling Alley and retail centers trade 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 deals totaling nearly $59 million, 13th Floor Investments bought a bowling alley in Hallandale Beach, while Terra and Stiles sold malls in Pembroke Pines and Fort Lauderdale.

Terra and Stiles sales show continued momentum for outdoor malls. In recent months, investors have flocked to commercial properties anchored in grocery stores, discount retail chains like Ross and major tenants.

Meanwhile, 13th Floor Investments has previously said it is considering redeveloping its newly acquired site, which is near Big Easy Casino, owned by Jeffrey Soffer’s Fontainebleau Development.

Holiday Bowling Center and Sports Bar

(Source: Google Maps)

An entity run by 13th Floor manager Arnaud Karsenti paid $18.5 million for six plots totaling 15.5 acres that include the Holiday Bowling Center & Sports Bar at 106 Pembroke Road, records show.

The seller is TS&B III LLC, an entity managed by Ralph Thompson, William Spencer and Mark Butler. Thompson, Spencer and Butler acquired the property via deed transfer in 2012, but records do not show how much they paid.

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

13th Floor intends to redevelop the 16-lane bowling alley and its adjoining restaurant, the 19th Hole Sports Bar & Grill, according to a press release. The company, which has a slate of major mixed-use projects in the works, did not reveal its specific plans.

The site, which is called Ashworth Park, is located in an Opportunity Zone and is zoned for a variety of uses, including residences, offices, retail and seniors housing, the statement said. Press. An Opportunity Zone is a federally designated area that allows developers and investors to benefit from tax incentives for investing in that area.

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

Downtown Pines

(Source: Downtown Pine Shops)

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

Lautaro RE Investments Corp., a Miami company led by Chairman Mario Carrasco Hernandez, paid $23 million for 48,500 square feet of retail space at 10250 Pines Boulevard, records show. Lautauro paid around $474 per square foot for part of the mall anchored by the UFC Fit gymnasium, 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 Pines City Center to TA Realty for $80 million. Terra still owns approximately 100,000 square feet anchored by Hobby Lobby.

Plaza Gallery

(Source: LoopNet)

An entity run by Irvine, Calif.-based real estate investor Dr. Esmail Shahidi paid $17.1 million for Galleria Plaza at 2541-2595 East Sunrise Boulevard in Fort Lauderdale, records show. The deal is $689 per square foot.

A subsidiary of Stiles Corporation sold the anchored mall to Publix, which is 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 in the latest transaction. Paul Ahmed, also at CBRE, represented the buyer.

Comments are closed.