Broward Shopping Center Trades For $18 Million
CBRE, Inc. announced the sale of Sea Ranch Centre, a 98,697-square-foot neighborhood shopping center located on SR A1A in coastal northeastern Broward County in the city of Sea Ranch Lakes.
The property was acquired by Houston, Texas based Weingarten Realty Investors for $18 million from an affiliate of Kitson & Partners based in Palm Beach Gardens.
“Weingarten was interested in high quality in-fill real estate and was attracted to Sea Ranch Centre because it has significant barriers to future competition and some value creation potential,” said Casey Rosen, a Senior Vice President with CBRE in Miami. “Sea Ranch Centre has a lengthy history of successful operation and a very strong Publix grocery store. The asset is likely to continue to perform well and this is what the buyer was seeking.”
Sea Ranch Centre is located on North Ocean Boulevard and SR A1A, one mile north of Commercial Boulevard and two miles south of Atlantic Boulevard, between the Atlantic Ocean and Intracoastal Waterway in Sea Ranch Lakes, Florida. The property was built in 1966 and renovated/partially redeveloped in 1996 and 2005. Anchors include a high volume Publix grocery store as well as a CVS Pharmacy and a new Dollar Tree. Sea Ranch Centre is adjacent to the exclusive, affluent, gated residential community of Sea Ranch Lakes and the bordering city of Lauderdale-by-the-Sea. Area residential neighborhoods are mature and include a dense mix of upper middle-income and affluent single-family homes, as well as luxury hi-rise ocean front condominiums and hotels.
CBRE’s National Retail Investment Group and South Florida Private Capital Group teams provided exclusive representation to the seller in the transaction.
The CBRE National Retail Investment Group is a team of senior capital markets professionals that specialize in the sale of retail properties throughout the United States. In Florida, the National Retail Investment Group team is based in the Miami office and is co-led by Senior Vice Presidents, Casey Rosen and Dennis Carson. CBRE’s Private Capital Group was represented by David Donnellan and Todd Weintraub who are based in the Fort Lauderdale office and are focused on serving retail property owners and investors throughout South Florida.
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