Azora Exan will pay $22 million for Plantation Shopping Center

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Azora Exan’s Juan Jose Zaragoza (left), Fernando Perez-Hickman, Beth Azor and Plantation Crossing at 2140 West Sunrise Boulevard (Azora Exan, Beth Azor)

In a $22.2 million deal, a partnership involving a Spanish real estate investment firm added an Aldi-anchored mall in Plantation to their South Florida shopping spree.

Azora Exan, a joint venture between Madrid-based Azora and Miami-based Exan Capital, acquired Plantation Crossing, a 70,369-square-foot retail lot at 2140 West Sunrise Boulevard, according to a press release. The deal is approximately $316 per square foot.

Azora Exan was founded last year and paid $37 million in July for a five-story building in Miami Beach that was fully leased to WeWork. The company is managed by managing partners Juan Jose Zaragoza and Fernando Perez-Hickman.

Kirk Olsen and Drew Kristol led a Marcus & Millichap team representing the buyer and seller, a firm led by Beth Azor, founder of Azor Advisory Services, a Weston-based commercial real estate advisory and investment firm.

In 2012, Azor’s company paid $15.7 million for Plantation Crossing, which was built in 1999, records show.

The mall launched less than three months ago with an asking price of $23 million, Azor said via email. Investor appetites for grocery-anchored retail locations in South Florida played a role in Plantation Crossing’s sale, she added.

“Demand for grocery-anchored centers is very high, and very few were on the market when we made the decision to sell,” Azor said. “I felt we made the best of it. We bought a non-grocery retail property with very few credit tenants and added Aldi, Sherwin Williams and Concentra Health.”

Under her ownership, Plantation Crossing also added fitness systems to replace a Michaels store and Salon Suites to take over a space previously occupied by Pier One, Azor said.

This month, a company managed by Boca Raton-based real estate investor James Batmasian paid $17 million for a Deerfield Beach mall anchored by a Walmart neighborhood market. Also that month, Longpoint Realty Partners bought El Paraiso, a two-building mall in Hialeah for $43.2 million. The property is anchored by a grocery store from Sedano.

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