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| The 40,136-square-foot Gateway at Sawgrass retail center, Sunrise, FL |
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| Karen Reiter |
MIAMI, FL – 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.
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| Danny Finkle |
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.
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| Luis Castillo |
“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.
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| Michael Matluck |
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).
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| Adam Freeman |
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.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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