The 71,307 square foot property features prominent frontage on South Federal Highway in the heart of Fort Lauderdale.
“This sale continues the trend of the purchase of land or buildings on Federal Highway and Sunrise Boulevard for redevelopment spreading north from downtown and The Flagler Village area,” commented Hyatt.
Quickly rising interest rates accelerated the loan closing as the lender was only willing to hold a very favorable rate for a short period of time. The loan also included additional funding for the development of a vacant outparcel located on the site.
The buyer intends to renovate and lease the property.
New Associate Adam Docktor specializes in retail leasing and investment sales in emerging markets.
Seneca Town Center is anticipated to be one of the first of many major redevelopment projects throughout the Town of Pembroke Park.
The future mixed-use project will utilize the existing building.
The property was listed at $4,950,000 and within days, multiple full price offers were received – some over list price. The property closed within 0.5% of list price and a sub 5% capitalization rate.
The fully-occupied retail plaza features 138 feet of frontage along North State Rd 7 (US Highway 441), benefiting from a daily traffic count of over 52,000 vehicles.
Tricera and Merrimac closed the acquisition of the ±16,500 square feet of retail and restaurant space in August 2020
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