Coconut Creek retail center sold for $10M to national REIT
An affiliate of a national real estate investment trust bought West Creek Plaza in Coconut Creek for $10.225 million.
Westcreek Plaza LLC, a local company managed by Mario Bernard, sold the 40,175-square-foot retail center at 4800 W. Hillsboro Blvd. to Westcreek Plaza Station LLC, an affiliate of Cincinnati, Ohio-based Phillips Edison & Co. Wells Fargo Bank provided a $6.47 million commercial mortgage-backed securities (CMBS) loan for the deal.
The price equates to $254 per square foot.
The property was built on the 4.4-acre site in 1986. It's just west of Lyons Road. Duffy's Sports Grill is among the tenants, along with some medical practices.
This is Phillips Edison & Co.'s 39th property in Florida. It's a non-traded REIT. It also owns the Publix-anchord West Creek Commons, which is next door to West Creek Plaza.
-- Original Article by Brian Bandell, South Florida Business Journal