Former ﬂea market owners buy commercial building in Broward for $12M
One Investment Group / December 19, 2018
The Gateway Centre commercial building in Lighthouse Point was sold for $11.85 million.
The two-story retail/office complex of 37,230 square feet at 2000 to 2050 E. Sample Road was sold by Gateway Lighthouse Point LLC, Grove Gateway LLC and JCS Investment Management Co. The managers of those companies are James E. Archer, Sheldon L. Schreiberg, and Joseph Scarfone, respectively.
The buyer was Lighthouse Point FL LLC, managed by Daniel H. Shooster and Donald F. Shooster. The buyer assumed a $6.64 million mortgage with Wells Fargo Bank as part of a commercial mortgage-backed securities (CMBS) trust.
The Shoosters owned the Festival Flea Market in Pompano Beach for many years before selling it for $56 million in April.
Gateway Centre was developed on the 2.63-acre site in 2003. It last traded for $10 million in 2008.
Tenants include Bonefish Mac’s Sports Grille, Greenwood BBQ, a dentist, a dermatologist, Summit Brokerage, a yoga studio, and a puppy store.
According to a recent online listing, space is available for lease in Gateway Centre at $19 to $22 per square foot.
According to CMBS analysis firm Trepp LLC, Gateway Centre was 98 percent occupied. It generated net operating income of $663,302 on revenue of $971,710 in 2017, Trepp found.
South Florida Business Journal
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