Marcus & Millichap Brokers Broward County Retail Center Sale

Marcus & Millichap announced the sale of Palm Square, a 77,621-square-foot retail center in Pembroke Pines.

The asset traded for $25 million.

“The sales price represents a 22% appreciation from the previous closing price in 2019 of $20,475,000,” said Kirk D. Olson, senior managing director investments in Marcus & Millichap’s Miami office. “The property is a 94%-occupied retail center that gives the buyer an opportunity to significantly increase net-operating income through lease-up of vacant spaces, and mark-to-market opportunities.”

Olson and Drew A. Kristol, Marcus & Millichap senior managing director investments, represented the seller, Galium Capital, and procured the buyer, an affiliate of JBL Asset Management.

“Palm Square has strong in-place cash flow and an ideal mix of tenants that includes food establishments, schools, medical and beauty services, a fitness center, and after-school programs,” said Kristol.

Built in 1987 on eight acres, the center has 600 linear square feet of frontage along Pines Boulevard, which sees 52,000 vehicles per day. Pembroke Pines City Center, an 80-acre master-planned village with 1,400 multifamily units and 300,000 square feet of retail anchored by Publix is two blocks away. Within a five-mile radius, the population is nearly 400,000.

Prominent tenants at Palm Square include Dunkin’ Donuts, which has been on an outparcel at the center since 1998, Sherwin-Williams, a tenant since 1985, and KFC, located on an outparcel since 1986. The tenant roster includes Atlantic Montessori School, Goldfish Swim School, Smile Experts Dentistry, Florida Health Care, and Fordham Fitness.