Todd Nepola’s Current Capital Management picked up nearby shopping centers in Lauderdale Lakes, expanding its Broward County retail portfolio.
An affiliate of Hollywood-based Current Capital paid $23.7 million for the Oakland Shopping Center at 4101-4397 North State Road Seven, and the Lakes Medical Center at 4455-4485 North State Road Seven, according to Vizzda and records. Valley National Bank provided Current Capital with a $13.5 million financing loan for the 14.2 acre portfolio.
The retailer, an affiliate of Fort Lauderdale-based Corn Construction Group, developed two retail buildings totaling 167,000 square feet in 1977 and 1985, records show. The deal came down to $142 a square foot.
Douglas Mandel and Tyler Kuhlman and Marcus & Millichap handled the listing and procured the buyer, a press release said.
Lakes Medical Center is sponsored by a Dollar General store and has a mix of retail and medical office tenants, Capital Current President Nepola said in an email. The Oakland Shopping Center is mostly made up of mom-and-pop retailers that have been renting for decades, Nepola said.
Employers at both facilities include United Surgical Partners International, Progressive Insurance, Florida Department of Health, Puppy Universe and Eastern Food Market.
These institutions have a combined vacancy rate of 30 percent, Nepola added.
“This was the reason we got such a large amount,” he said. “My team at Current Capital will take over leasing and management, and look to make the property more than 90 percent occupied in the next six months.”
Other prospective tenants have signed letters of intent, and Current Capital intends to apply for city grants to pay for a complete exterior facade restoration that will cost between $1.5 million and $2 million, Nepola said.
“The buildings are in very good condition, but they need some improvement,” he said.
Current Capital operates shopping centers in Broward and Palm Beach counties.
In April, Nepola paid $12.7 million for the Shoppes of Lake Worth in Lake Worth, and Coco Plum Plaza in West Palm Beach. Last year, his company bought Crossroads Plaza, a shopping center in Margate, for $10.7 million, and Lauderhill shopping center, Promenade Plaza, for $12.8 million.