Plantation, FL – May 24th, 2021 – MMG Equity Partners has acquired Plantation Square, a 65,796 sf retail strip center located in Plantation, FL., for $12,000,000 or $182 psf. The property is located at 1723-1797 N University Drive, Plantation, FL., Pacific National Bank provided the buyer with an $10,157,000 acquisition and construction loan.
Plantation Square is located on the Southwest corner of University Drive and Sunrise Blvd, which benefits from over 100,000 vehicles per day at the intersection. The property sits directly across from Magic Leap’s headquarters and next to Merrimac Venture’s new 300+ unit multifamily development.
“The City of Plantation has experienced explosive growth with multiple mixed-use projects planned, under construction, and/or recently delivered, all of which are creating a vibrant, live-work-play city. Plantation Square is an exciting opportunity for us to execute a classic value-add strategy: prior ownership held the asset for nearly 20 years, we are purchasing the property and will immediately implement a robust $2mm capital improvement program to modernize the asset and capitalize on the recent trends in the neighborhood. We look forward to being a long-term investor in the City of Plantation.” Said Marcos Puente, MMG’s Director of Acquisitions.
The property is 79% occupied at closing with 13,700 sf available for lease. Michael Mogerman and Laura Briggle with ForeFront Commercial have assumed responsibility for leasing the asset.
More information is available on Plantation Square Plaza’s Website
MMG has been an active buyer of South Florida real estate. In January 2020, the company acquired Westlake Plaza in the Bird Road Urban Corridor District and Naranja Plaza, a 52,000 SF strip center in Southern Miami-Dade County.
About MMG Equity Partners
MMG Equity Partners is a privately-owned real estate investment company focused on long-term ownership, management, development, and acquisitions of shopping centers in Florida. For more information about MMG Equity Partners.