Perkins Realty Pays $26M for Davie Square in Davie

Perkins Realty Management, the Massachusetts investor led by Andrew Perkins, paid $25.6 million for Davie Square, a 106,500-square-foot center at 5503-5795 South University Drive in Davie. The Real Deal rounds the price to $26 million.

Why it matters

A repeat out-of-state buyer is paying up for neighborhood retail in Broward, and that tells owners and developers who the exit buyer is. The seller, an entity tied to North Miami investors Ryan Shapiro and Jonathan Wizman, bought the center for $17.8 million in 2025, so the resale priced about 44% higher a year later.

Perkins already holds roughly 387,000 square feet of Florida retail and expects to pass 500,000 by the end of 2027, per Hoodline. For a developer pricing a grocery or service-anchored strip, a buyer with that appetite is a credible takeout.

The numbers

Davie Square sits on nearly 15 acres, was built in 1998 and has three single-story buildings with 30 suites. It is 99% occupied. Tenants include Memorial Healthcare System, Spice Bazar, Citrine Schools and Beyond Billiards, and an outparcel is leased to Denny’s.

The price works out to about $240 a square foot. Banesco USA provided a $16.6 million mortgage, roughly 65% of the price. The cap rate was not disclosed, and we could not verify the buyer’s other individual South Florida purchases, so we do not list them.

What’s next

Watch whether Perkins closes more Broward deals ahead of its 2027 target, and whether other sellers of near-fully-leased centers test similar per-foot pricing. Development pipelines are covered in our South Florida market hub. We will update when the Broward deed and the buyer’s next filings are public.