Chinese firm buys Lauderhill retail center
It was the first U.S. investment by Jin Yang, which may buy more in Broward
A Chinese investment firm paid $4.15 million for a shopping center in Lauderhill – its first real estate investment in the United States.
Jin Yang Real Estate Corporation on Thursday closed the purchase of the 19,493-square-foot retail property at 6450 West Commercial Boulevard in Lauderhill for nearly $213 per square foot.
New York-based investment group Balkani sold the shopping center, which has six automobile-service companies as tenants, including anchor tenant Tire Kingdom. The property includes a 5,000-square-foot parcel that the new owner may develop.
Jin Yang is hunting for more property to acquire in Broward County, Robert Granada, director of retail sales for Franklin Street, told the Sun-Sentinel. Franklin Street represented Balkani in its sale of the Lauderhill shopping center to Jin Yang.
Investors from China paid more than $27.3 billion for U.S. properties last year, more than investors from any other foreign country, according to the National Association of Realtors. [Miami Herald] – Mike Seemuth