MIAMI – HFF announced today that it has closed the sale of The Gateway at Sawgrass, a 40,136-square-foot retail center in Sunrise, Florida.
HFF marketed the properties on behalf South Florida-based Stiles. The buyer, Gateway at Sawgrass Investments LLC, purchased the property for $16.1 million free and clear of existing debt. Affiliates of Gateway at Sawgrass Investments LLC, continue to actively pursue national retail portfolio acquisitions in the South Florida market.
The Gateway at Sawgrass is located near the Interstate 595 and Interstate 75 interchange, adjacent to Sawgrass International Corporate Park and less than three miles from Sawgrass Mills Mall and BB&T Center in east-central Broward County. Completed in 2008, the center includes tenants such as Starbucks, Chipotle, GameStop, Mattress Firm and Subway. The center is shadow-anchored by South Florida’s only IKEA.
The HFF team representing the seller was led by senior managing director Danny Finkle, director Luis Castillo and senior real estate analyst Rob Saracco. The buyer was represented by Karen Reiter, Michael Matluck and Adam Freeman with ICS Realty and its legal counsel Alex D. Sirulnik Esq.
“Gateway at Sawgrass benefits from an extremely high-traffic location fronting IKEA and is surrounded by strong demand drivers,” said Castillo. “The quality of the property and its long-term potential made it a highly coveted investment opportunity.”
HFF has capitalized more than $4.3 billion in retail assets nationally through third quarter 2013. The HFF Florida team has capitalized more than $476 million in retail transactions during this time.
Stiles is a private full-service commercial real estate company responsible for the development of more than 40 million square feet of quality office, industrial, retail, mixed-use and residential property throughout the southeast United States. In addition to investment, financial and development services, the company also specializes in construction, architecture, realty and property management.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.