Midtown Miami Pioneer Jon Samuel Offloads Premium Broward County Retail Hub for $30 Million
Prime Broward County Retail Asset Changes Hands in Strategic $30M Transaction
In a significant South Florida commercial real estate deal, Jon Samuel, one of the visionary developers behind the transformative Midtown Miami project, has sold his Sawgrass Landing retail plaza in Sunrise for an impressive $30 million. The transaction highlights the enduring value of strategically positioned retail assets in Broward County despite broader market fluctuations.
New York-based investment firm SK Realty Management, under the leadership of principals Sam Kirschenbaum and Benjamin Rubin, acquired the thriving shopping center, which encompasses 64,510 square feet across multiple addresses on West Sunrise Boulevard (13713, 13775, and 13999). The off-market transaction was facilitated by Lena Zubkova of Apogee Realty and Moshe Biton with Capital Group Realty, with the deal valuing the property at approximately $465 per square foot.
Premium Tenant Mix Drives Property Value
What makes Sawgrass Landing particularly attractive to investors is its impressive 100% occupancy rate with a roster of high-quality national tenants. The retail plaza boasts leading brands including Panera Bread, Starbucks, LA Fitness, and FedEx, creating a stable income stream for the new owners.
The property's development traces back to 2005 when Samuel's entity constructed the retail center, establishing it as a commercial landmark in the rapidly developing Sunrise area. Its strategic location near Sawgrass Mills—one of the nation's largest outlet shopping destinations—and the ambitious $1.5 billion Metropica mixed-use development on 65 adjacent acres positions it within one of Broward County's most dynamic commercial corridors.
Samuel's Development Legacy: From Midtown Miami to Broward County
Jon Samuel's real estate vision extends well beyond this single transaction. His reputation was solidified when he and his partners broke ground on the first phase of the transformative Midtown Miami development in 2004. That groundbreaking project included significant retail space featuring five big-box stores and a parking garage, complemented by an impressive residential component of 3,000 condominiums and 900 apartments.
The developer's track record demonstrates a keen ability to identify emerging markets and create value through strategic development and asset management. The successful exit from Sawgrass Landing represents a continuation of this approach, capitalizing on the property's prime location and strong tenant profile.
Expanding Broward County Portfolio with Strategic Acquisitions
Far from divesting from the region, Samuel continues to strengthen his presence in Broward County. In December, he executed a significant acquisition, purchasing a shuttered Sears store at Broward Mall in Plantation for $28 million. The 18-acre parcel was sold by Seritage Growth Properties, a Sears spin-off entity that has been systematically monetizing the department store's real estate portfolio in recent years.
This acquisition demonstrates Samuel's continued confidence in Broward County's commercial real estate market. The property represents a compelling redevelopment opportunity, particularly after Seritage abandoned its previously submitted plans to transform a portion of the site into an 80,000-square-foot retail center featuring restaurants, stores, and a sports bar.
Diversifying Development Activities Across South Florida
Beyond Broward County, Samuel's Miami-based Midtown Group is expanding its development footprint into southern Miami-Dade County. The firm has formed a strategic partnership with Estate Companies to develop an ambitious mixed-use project in Homestead. The joint venture invested $14 million to acquire a 20.8-acre vacant site where they plan to develop 354 apartments alongside complementary commercial space.
This diversification across multiple South Florida submarkets demonstrates Samuel's comprehensive understanding of the region's real estate dynamics and his ability to capitalize on opportunities across different property types and locations.
Market Insights: South Florida Commercial Real Estate Trends
How does the Sawgrass Landing sale compare to other recent retail transactions in Broward County?
The $465 per square foot valuation represents a premium price point for suburban retail in the current market, reflecting both the property's excellent tenant mix and strategic location. Recent comparable sales in Broward County have typically ranged from $350-425 per square foot for similar class retail assets with national tenants.
What makes the Sunrise/Sawgrass area particularly attractive to investors?
This corridor benefits from exceptional visibility, strong traffic counts, and proximity to major destinations like Sawgrass Mills and the developing Metropica project. The area serves affluent western Broward communities while also drawing significant visitor traffic, creating a stable consumer base for retailers.
How are developers like Samuel adapting to changing retail trends?
Forward-thinking developers are focusing on experiential retail centers with complementary tenant mixes that include food & beverage, fitness, and service-oriented businesses rather than traditional merchandise-only retailers. The success of centers like Sawgrass Landing demonstrates the resilience of thoughtfully positioned retail properties with the right tenant composition.
What potential redevelopment options might Samuel pursue with the former Sears property?
While specific plans haven't been announced, market trends suggest several viable options including mixed-use development incorporating multifamily housing, modern retail concepts focused on experience and services, medical office space, or entertainment-oriented venues. The property's size and location provide significant flexibility for creative redevelopment.
How is South Florida's commercial real estate market performing compared to national trends?
South Florida continues to outperform many national markets due to strong population growth, business relocation trends, and limited developable land. Retail properties in prime locations with quality tenants have maintained their value despite broader challenges in the national retail sector.
