Bar Invest Group has purchased the University Commons shopping center in Tamarac for $10.7 million. The 79,998 square foot center, which was built in 1977 on a 7.6 acre site, traded for $134 per square foot. The center boasts 23 tenants including Save-a-Lot food store, Quest Diagnostics, GoodYear tires and Dunkin Donuts. The purchase was secured with a $6.9 million loan from Miami Lakes-based BankUnited.
“We like Broward because we see development more in the north,” Bar Invest Executive VP Hervé Barbera said. “There’s a migration of people north. For us, prices in Miami are a little bit too high.” Barbera also stated that Bar Invest’s strategy is to upgrade and rebrand older shopping centers and bring in new tenants to increase cash flow.
