Nuveen Buys Aldi-Anchored Coral Landings III for $46.3M

Nuveen Real Estate acquired Coral Landings III, an Aldi-anchored shopping center at 6166 and 6208 West Sample Road in Margate, for $46.3 million. The 172,500-square-foot retail plaza is split into six single-story buildings completed between 2008, 2009, and 2019.

Nuveen financed the purchase with a $52.2 million Bank of America loan that also covers Nuveen-owned properties in other states. The article reports Nuveen paid $268 per square foot, about 24% more than the seller’s $37.4 million 2022 purchase price. The center’s anchor was added by Sterling shortly after Sterling acquired the site four years earlier.

The transaction fits Nuveen’s neighborhood retail strategy focused on grocery-anchored daily-needs tenants; the article notes Nuveen raised $330 million in March to buy similar properties.