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Fully-Leased Tequesta Retail Center Flips for $20M – Connect CRE

by | Mar 20, 2024 | 0 comments

Birmingham, Alabama-based commercial real estate firm Shannon Waltchack (SW) acquired a South Florida retail center for $20.4 million. Russel Properties, the seller, bought the 74,000-square-foot Tequesta Village Square in 2017 for $12.5 million. It was built in 1957.

Waltchack financed the deal with Service First Bank. The price equated to $275 per square foot.

The Tequesta Village Square was fully leased, with 29 tenant spaces. The largest tenant is West Marine with 12,000 square feet.

The S. Florida Business Journal quoted Waltchack saying the acquisition of Tequesta Village Square is part of a strategy SW started in 2017 to buy retail centers without main anchors. These are shopping centers with service-oriented tenants, such as hair salons, nail studios, physical therapists and restaurants.

“It’s services like this that the internet can’t mess with – the human body needs to be there for services like this,” Waltschack said. “The mom-and-pop tenants are durable because this business is their livelihood.”

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