A joint venture between SCI Real Estate Investments and 10 tenant-in-common investors–via a 1031 exchange–acquired the University Marketplace shopping center in Pembroke Pines, Fla.
The value of the transaction was approximately $15.1 million.
The size of the property was not disclosed.
“All our Florida properties experienced minimal or no damage during the recent hurricanes, and we are pleased with their financial performance,” said SCI President Marc Paul.
Black Rock Realty represented the seller, whose identity was not disclosed.
West Los Angeles, Calif.-based SCI specializes in TIC investments with 1031 exchange investors, and works closely with commercial brokers, developers and joint venture partners to identify quality retail, office and multifamily properties nationwide.
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