Davie Square, the 30-suite center at 5503 S. University Drive, sold for $25.55 million. It is 99% leased; here is who the tenants are and what the sale changes.

Davie Square, the neighborhood shopping center on South University Drive near Stirling Road, has sold for $25,550,000.

The commercial real estate brokerage Marcus & Millichap announced the sale on Oct. 2. Its press release names the seller as Davie Square LLC, which it describes as a South Florida private investment group. The buyer is Perkins Realty Management LLC.

The center at a glance

The brokerage’s release gives these details:

Detail From the release
Address 5503 S. University Drive
Size 106,516 square feet in 30 suites
Land 14 acres
Built 1998
Occupancy 99%
Sale price $25,550,000

That works out to about $240 a square foot of building.

The tenants named in the release are:

  • Memorial Healthcare System
  • Apna Bazar
  • Crayons Christian School
  • Beyond Billiards

The release lists Walmart, Target and Home Depot as nearby stores.

“Davie Square is a 99%-occupied, high-performing retail center located along one of Broward County’s most heavily trafficked retail corridors in a dynamic location,” said Drew A. Kristol, a senior managing director of investments in the firm’s Miami office.

Kristol and Kirk D. Olson, also a senior managing director of investments, represented the seller and found the buyer, according to the release.

What it means for you

For shoppers, patients and parents who use the center, nothing in the announcement points to an immediate change. The release names no tenant that is leaving and no plan to redevelop the site. It does not say what the new owner intends to do with the property.

Any change to the buildings or their use would need permits or zoning approval from the Town of Davie. Our building permits and zoning guide explains how to follow those applications.

The deed will be recorded with Broward County. Larger sales like this one appear in our weekly real estate transfers column once the county’s records show them.