Nuveen Real Estate acquired the Coral Landings III shopping center in Margate for $46.3 million, according to an April 8 announcement. The purchase is part of Nuveen’s ongoing strategy to invest in neighborhood retail properties anchored by grocery stores.
The move reflects a broader trend among investors who are targeting grocery-anchored centers, which are considered resilient during economic downturns due to their steady foot traffic and essential goods offerings.
An affiliate of Chicago-based Nuveen, led by Bill Huffman, purchased the 172,500-square-foot plaza at 6166 and 6208 West Sample Road from an affiliate of Sterling Organization. Public records show that Sterling paid $37.4 million for the site in 2022, making Nuveen’s price about 24 percent higher than the previous sale. The property consists of six single-story buildings constructed between 2008 and 2019 at a price of $268 per square foot.
The acquisition was financed with a $52.2 million loan from Bank of America that also covers other Nuveen-owned properties outside Florida. The Coral Landings III plaza features Aldi as its anchor tenant—a role filled shortly after Sterling acquired the property four years ago—as well as HomeGoods, Tijuana Flats, Sonic, Tropical Smoothie Café, Bonefish Grill, Mac’s Sports Grille and MD Now Urgent Care.
In March, Nuveen raised $330 million to acquire similar neighborhood shopping centers across U.S. cities as part of its expanded retail investment strategy under its parent organization Teachers Insurance and Annuity Association of America-College Retirement Equities Fund (TIAA). Executives have said these sites offer reliable returns despite market fluctuations.
Sterling Organization has recently been selling off assets; it sold Pompano City Centre—another South Florida shopping center anchored by Burlington and Nordstrom Rack—for $65.2 million in December.
