A Connecticut investment adviser is keeping up an acquisition streak, picking up another South Florida property. A company linked to Hartford, Conn.-based Cornerstone Real Estate Advisers LLC paid $32.25 million for the Weston Road Shopping Center at 4410-4484 Weston Road in Davie. The debt and equity management firm acts on behalf of institutional investors. It manages $40 billion in real estate assets for Massachusetts Mutual Life Insurance Co. and has been scooping up South Florida retail and office buildings. In one of the biggest transactions in West Palm Beach last year, Cornerstone partnered with Boca Raton-based Crocker Partners LLC for the $71 million acquisition of the Esperante Corporate Center, a landmark LEED gold-certified office complex. And in December, Cornerstone affiliate TR Lake Shore Plaza, bought Lake Shore Plaza II, a 128,470-square-foot, Class A office development in Sunrise. It paid $32 million for the complex in a deal with Stiles Corp. and WLD Enterprises. Then in April, it secured from New York Life a $16 million mortgage on the property. Its newest asset is a single-story, 108,557-square-foot plaza built on more than 13 acres in 2000.
The plaza northwest of I-75 and Griffin Road was more than 94 percent occupied at the time of the sale with tenants like Office Depot, Realty Associates, Pinch A Penny, HoneyBaked Ham, T-Mobile, Pizza Heaven, Tutti Frutti Frozen Yogurt and Dunkin’ Donuts, according to marketing information. Rental rates range from $30 to 40 per square foot, or $3,750 to about $7,107 a month for triple-N leases. The deed recorded Thursday said the Cornerstone affiliate, Weston Davie Shopping Center LLC, completed the deal with Weston Road Shopping Center LLC, linked to WR LLC, a Coral Gables company managed by Firpo Garcia.
