CBRE Capital Markets Arranges $25 Million Loan for Acquisition of Grocery-Anchored Retail Center in South Florida

CBRE has secured $25,837,500 in acquisition financing for Coral Landings III, a 171,299-square-foot grocery-anchored retail center in Coral Springs, Fla. Paul Ahmed and Mackenzie Lampman with CBRE Capital Markets worked on behalf of the borrower, Sterling Organization based in West Palm Beach, Fla., to arrange a four-year, fixed-rate loan from a regional bank.

The seller, an affiliate of a joint venture between SEDCO Capital and Madison Marquette, was represented by Casey Rosen and Dennis Carson with CBRE.

“The acquisition of Coral Landings III illustrates the continued demand for high-quality grocery-anchored retail properties in South Florida,” said Mr. Ahmed, a Senior Vice President at CBRE.

Located at 6198 W. Sample Rd., Coral Landings III serves the dense and infill Broward County communities of Coral Springs and Margate. The center features 21 grocery, crafts, electronics, restaurant, medical, beauty, and fitness tenants, including ALDI, Best Buy, Five Below, Homegoods, Jo-Ann Fabric, and Sonic Drive-In.