MARGATE, FLA. — Investor and president of Current Capital Management, Todd Nepola, has purchased the Crossroads Center in Margate for $10.7 million. SW Global Inc was the seller.
Located at 5000 Coconut Creek Parkway, the Crossroads Center has 84,500 square feet of space with tenants including Dollar General and Hollywood Institute of Beauty. A new lease was just signed with Chen Medical for a 7,400-square-foot space in the center. The center was built in 1983.
Harry Chas Chaskalson of NEG Property brokered the sales transaction. Southstate Bank provided a $9 million loan with $7.3 million used to fund the sales transaction and the remainder held back for renovations on the center. The planned renovations include painting and minor remodeling of the center, as well as landscape, signage and lighting improvements.
Current Capital Management has now acquired over 400,000 square feet of commercial centers in south Florida since 2020 and has purchased five properties in just over 18 months.