Nuveen Real Estate announced on Apr. 8 the purchase of Coral Landings III, an Aldi-anchored shopping center in Margate, Broward County, for $46.3 million as part of its strategy to invest in neighborhood retail properties.
The acquisition is part of Nuveen’s broader focus on grocery-anchored centers, which the firm views as resilient investments amid changing market conditions. Grocery stores are seen as reliable anchors that provide steady foot traffic and support a mix of daily-needs tenants.
An affiliate of Chicago-based Nuveen, led by Bill Huffman, acquired the property at 6166 and 6208 West Sample Road using a $52.2 million loan from Bank of America that also covers other Nuveen-owned properties outside Florida. The retail plaza spans 172,500 square feet across six single-story buildings constructed between 2008 and 2019. The purchase price equates to $268 per square foot.
Records show that the seller, an affiliate of Sterling Organization based in West Palm Beach, bought the site for $37.4 million in 2022—meaning Nuveen paid about 24 percent more than Sterling did two years ago. Sterling had brought Aldi on as anchor tenant shortly after acquiring Coral Landings III and has recently been selling off assets; it sold Pompano City Centre for $65.2 million last December.
Coral Landings III includes tenants such as HomeGoods, Tijuana Flats, Sonic Drive-In, Tropical Smoothie Café, Bonefish Grill, Mac’s Sports Grille and MD Now Urgent Care alongside Aldi.
The trend toward investing in grocery-anchored centers has intensified since 2022 due to their reputation for providing essential goods and dependable cash flow—characteristics considered recession-resistant compared to other types of retail real estate.
