Todd Nepola paid $3 million for a Tamarac retail building even though it has only one tenant and the rest of the property was vacant at the time.
But that’s ideal for Nepola and his Current Capital Real Estate Group, a Hollywood-based real estate firm that develops, manages and leases income-producing properties.
“This is what we specialize in. We take these kind of properties that have a lot of vacancy and go fill them,” he sad.
Current Capital, through its affiliate University Drive Plaza LLC, bought the 21,180-square-foot strip center at 6001-6091 N. University Drive from Uniplaza LLC, according to Broward County property records. The deal closed May 30.
The property was about 70 percent vacant when sold at $141.64 per square foot.
This was an opportunity for Current Capital to buy the property and add tenants to generate income on a building with an estimated market rate price of $5.5 million, according to Nepola.
“We have a big Rolodex full of tenants, and we know the market very well. We will fill the space up, and it’s worth substantially more money,” Nepola said. “It’s a simple buy it, lease it up and now you have a great asset. Someone has to do the work, though.”
An Applebee’s restaurant takes up 6,000 square feet, and Nepola has six letters of intent from companies interested in setting up shop.
Current Capital plans to retrofit the vacant spaces to allow smaller businesses to set up shop.
“We are looking for the 1,500-square-footer to the 4,000″ square footer, Nepola said.
Interested has come from some mom-and-pop businesses, including a hair salon and chiropractor, and two national companies, both in the food-service industry, Nepola said.
Hollywood attorney Matthew Wealcatch represented Current Capital.
The company was retained to lease the retail segment at Casa Costa, a residential development built by The Related Group at 350 N. Federal Highway in Boynton Beach, Nepola said.
“We took that property from 80 percent vacant to 100 percent occupied in less than six months,” he said.