Sunrise Retail Plaza Acquisition: Jon Samuel Sells Sawgrass Landing for $30 Million
Strategic $30M Acquisition in Broward's Retail Corridor
In a significant commercial real estate transaction shaping Broward County's retail landscape, Midtown Miami developer Jon Samuel has completed the sale of Sawgrass Landing shopping center for an impressive $30 million. The fully-leased retail plaza, spanning 64,510 square feet, has been acquired by New York-based investment firm SK Realty Management, led by principals Sam Kirschenbaum and Benjamin Rubin.
The property, strategically positioned at 13713, 13775, and 13999 West Sunrise Boulevard in Sunrise, commanded a notable $465 per square foot in this off-market transaction. Apogee Realty's Lena Zubkova, who brokered the deal alongside Moshe Biton of Capital Group Realty, confirmed the sale details, highlighting the plaza's strong tenant roster including Panera Bread, Starbucks, LA Fitness, and FedEx.
Developer Background and Property History
The Sawgrass Landing shopping center represents a significant chapter in Samuel's diverse portfolio of commercial developments. Constructed in 2005 under Samuel's direction, the property has maintained its position as a valuable retail asset in the Sunrise market for nearly two decades. While exact acquisition details of the original land purchase remain undisclosed in public records, the development's trajectory reflects Samuel's strategic approach to commercial real estate investment.
Samuel's reputation as a visionary developer was established through his pivotal role in the Midtown Miami project. In 2004, Samuel and his partners initiated the groundbreaking first phase of this transformative development, which eventually encompassed a substantial retail complex featuring five big box stores with integrated parking facilities, complemented by 3,000 condominiums and 900 apartment units. This mixed-use approach established a template for urban redevelopment that Samuel has continued to refine through subsequent projects.
Prime Location and Market Context
Sawgrass Landing's geographic positioning represents one of its most valuable attributes. The plaza benefits from its proximity to Sawgrass Mills, recognized as one of the nation's largest outlet shopping destinations. This adjacency ensures consistent customer traffic and enhanced visibility for tenants. Additionally, the property is positioned near Metropica, an ambitious $1.5 billion mixed-use development spanning 65 acres, further cementing the area's status as a retail and lifestyle hub in Broward County.
This strategic location within a dynamic commercial corridor creates a synergistic effect that enhances the property's long-term value proposition. For SK Realty Management, the acquisition represents an opportunity to establish a foothold in one of South Florida's most vibrant retail markets, with built-in advantages from surrounding commercial development.
Samuel's Ongoing Broward County Investments
Far from divesting from the Broward County market, Samuel continues to demonstrate confidence in the region's commercial potential through strategic acquisitions. In December, he purchased a shuttered Sears store at Broward Mall in Plantation for $28 million. This 18-acre parcel was acquired from Seritage Growth Properties, a Sears spin-off entity that has been systematically liquidating the department store's real estate holdings.
This acquisition is particularly notable as it represents Samuel's vision for repurposing legacy retail spaces. Seritage had previously abandoned plans submitted to Plantation officials in 2020 that would have transformed a portion of the Broward Mall Sears location into an 80,000-square-foot retail center featuring restaurants, stores, and entertainment venues. Samuel's purchase suggests a potential reimagining of this significant property, though specific redevelopment plans have not yet been publicly disclosed.
Expanding Development Footprint
Samuel's investment strategy extends beyond Broward County into Miami-Dade County, where his Miami-based Midtown Group has formed a strategic partnership with Estate Companies. This joint venture has invested $14 million to acquire a 20.8-acre vacant property in Homestead, with plans to develop a comprehensive mixed-use project featuring 354 apartment units complemented by commercial spaces.
This diversified approach to real estate development—spanning retail plazas, mixed-use urban developments, and residential communities—illustrates Samuel's comprehensive vision for creating value across multiple market segments. The Sawgrass Landing sale represents not just a profitable exit from a mature investment but potentially a strategic reallocation of capital toward emerging opportunities across South Florida's dynamic real estate landscape.
Insights About Commercial Real Estate Investment
What makes the Sawgrass Landing location particularly valuable for retail investment?
The property benefits from its strategic positioning near Sawgrass Mills (one of America's largest outlet shopping destinations) and the $1.5 billion Metropica development. This creates a retail synergy zone that drives consistent customer traffic and enhances tenant retention. Additionally, the Sunrise Boulevard corridor has maintained strong commercial performance even during economic fluctuations, making it a stable investment target for institutional buyers.
How does the $465 per square foot sale price compare to current market trends?
This price point reflects a premium valuation in the current Broward County retail market, where comparable properties typically trade between $350-425 per square foot. The premium can be attributed to the property's full occupancy with credit tenants on long-term leases, creating stable cash flow projections. The transaction demonstrates continued institutional investor confidence in well-positioned suburban retail assets despite broader market uncertainties.
What might be Jon Samuel's strategy with the former Sears property acquisition?
Samuel's acquisition of the shuttered Sears property likely represents an opportunity to reimagine legacy retail space for modern mixed-use applications. Given his background in Midtown Miami development, we might anticipate a comprehensive approach that could include residential components, experiential retail, and potentially office or medical uses. The large 18-acre footprint provides flexibility for phased development that could transform this anchor property into a destination that serves multiple community needs.
Why are New York investors increasingly targeting South Florida retail properties?
New York-based investors like SK Realty Management are attracted to South Florida's continued population growth, favorable tax environment, and resilient retail market fundamentals. The region has demonstrated stronger post-pandemic recovery than many Northeastern markets, with retail vacancy rates declining faster and rent growth outpacing national averages. Additionally, the migration of high-net-worth individuals to South Florida enhances the consumer spending power that supports premium retail locations.
