CTO Realty Growth has entered the South Florida market with the purchase of Pompano Citi Centre, a retail complex in Broward County, for $65.2 million. The acquisition marks CTO’s first investment in the region.
The shopping center, located at 1955 North Federal Highway in Pompano Beach, spans 509,000 square feet. CTO paid about $128 per square foot for the property. Cushman & Wakefield handled the transaction.
Pompano Citi Centre is currently 92 percent leased and features major tenants such as Burlington, TJ Maxx, Nordstrom Rack, Ross Dress for Less, and J.C. Penney. Avenue Real Estate Partners has been hired to market approximately 62,000 square feet of vacant space on the mall’s second floor.
The seller was an affiliate of Sterling Organization from West Palm Beach. Sterling acquired the 35-acre site in 2012 for $15 million and later redeveloped part of it into a multi-tenant strip mall after converting a former Sears Auto Center.
In a separate transaction last year, Macy’s sold 12 acres on the same site—including one of its closed stores—to Morgan Group and Carlyle Group for $18.8 million. The joint venture also bought an adjacent parking lot for $8.8 million and plans to build a 356-unit apartment complex there.
With this latest purchase, CTO Realty Growth now owns nine shopping centers in Florida and has invested nearly $150 million so far this year.
Other investors have also been active in South Florida retail properties recently. IMC Equity Group spent $74 million on Doral Square in Doral, while RK Centers acquired a Fort Lauderdale shopping center for $36 million. Publix purchased a Boca Raton strip mall anchored by one of its stores for $83 million.
