Flamingo Commons Sale Shows Retail Muscle
The new normal for retail investment in South Florida means digging deep for available properties, including neighborhood centers—and owners are eager to position their properties for sale. Avison Young principal (and former pro basketball player) John Crotty, along with colleagues Michael Fay and Joshua Ladle, repped LNR Partners in the recent sale of the 18k SF Flamingo Commons in Davie. Before the sale, John tells us the goal was to create value for the property through a lease-up and overseeing capital improvements. In about a year, the property went from 30% occupied to its current 87%. Within two months of its listing, the property sold.
The deal demonstrates the strength of investor interest in South Florida retail, Joshua tells us. "Investor appetite for assets such as Flamingo Commons was shown by the fact that the property attracted a higher-than-average number of pre-qualified bidders,” he notes. Ultimately, JDV Properties bought the 2007-vintage property through Auction.com, and the buyer tapped Avison Young to manage it going forward.