CENTURY CITY, Calif., Jan. 18, 2024 /PRNewswire/ — Flying Horse Investments, LLC (“FHI”) is pleased to announce the recent acquisition of Oakland Park Plaza, a 21,570-square-foot retail strip center located within the greater Hollywood–Ft. Lauderdale metro area. The property represented an exciting opportunity to acquire one of the most highly coveted asset types in the current real estate market. FHI emerged as the winning bidder in a competitive sale process which produced seven (7) offers, according to the seller’s broker, Elon Gerberg of SVN.
Over the next eighteen months, FHI will complete a million-dollar renovation and repositioning of the center by modernizing the architectural elements and enhancing the tenant lineup. “The Oakland Park Blvd. corridor is in the early stages of experiencing a dramatic shift in the quality of retailers seeking sites, and I believe that FHI will be delivering a superior product to meet those demands,” said Daniel Solomon, Principal at Katz & Associates (“Katz”). Katz has been exclusively retained as landlord’s leasing representative for Oakland Park Plaza.
FHI focuses on value-add neighborhood retail centers in growth markets across the country. “This property is an ideal investment for our strategy, with multiple opportunities for value creation,” said Joe Spicer, Managing Principal & Director of Investments at FHI. “We are highly disciplined and have a very thorough investment underwriting and due diligence process. Among the many opportunities we review on a daily basis, this one stood out for several reasons, including exceptional market fundamentals, high population density in the immediate area, and excellent site characteristics and visibility.”
“We look for highly functional properties,” continued Spicer. “Oakland Park Plaza has exceptional ingress/egress, a large parking field, and signalized corner access, characteristics that are attractive to a variety of retail users,” added Spicer. “Oakland Park Blvd is a major east-west thoroughfare connecting to Interstate 95, with nearly 60,000 cars passing in front of the property each day.”
“The FHI strategy is straightforward,” said Eric Shulman, Director of Transactions at FHI. “We focus on growth markets across the country, in search of primarily ‘suburban necessity-based retail’ properties, which we define as well-located, small-format retail shopping centers primarily comprised of food, service, and everyday-needs retailers.”
The group targets high-growth markets across the Sunbelt region and select portions of the Midwest and Mountain West regions. “We target properties where we can add value through active management, including leasing, physical improvements, re-development, outparcel development, or break-up of shopping centers into higher-valued component parts,” added Shulman.
To execute its business plan, FHI hired Pegasus Asset Management (“Pegasus”), which manages a $2 billion portfolio of retail assets consisting of over 260 properties, 3 million rentable square feet, and 750 tenants nationwide.
“Pegasus’ operational expertise enables us to run as a vertically integrated investment firm with investment sourcing, underwriting, asset management, and leasing capabilities,” said Shulman. “Having shared resources and the ability to collaborate in person on a daily basis under one roof gives us a distinct advantage as we execute our investment strategy.”
FHI is actively seeking and evaluating acquisition opportunities including single and multi-tenant retail properties nationwide ranging in price from $3M to $30M. The acquisition criteria may be accessed at https://www.flyinghorseinvestments.com/investment-criteria.
For press inquiries, please contact Flying Horse Investments at [email protected].
SOURCE Flying Horse Investments; Pegasus Investments
