Open-air mall in Margate goes for $39M

Open-air shopping mall Peppertree Plaza has sold for $39.2 million.

The center, located at 5476-5688 West Sample Road in Margate, is 279,526 square feet. It includes a 5,391-square-foot bank building and a 2,976-square-foot drive thru restaurant. A retail building that includes 5,000 square feet of space is also part of the deal. In total, the site takes up 30.6 acres and runs along North State Road 7.

Dallas-based Lone Star Funds bought the property under LSREF3 Peppertree from KIMCO Peppertree, which is an affiliate of the New York-based KIMCO Realty.

The mall last changed hands in 1993 for $14.7 million. [South Florida Business Journal] — Claire Moses