CBRE Facilitates $17.1 Million Sale Of 25,000-SF Fort Lauderdale Retail Center
“The property sold for close to $700 per square foot, which is noteworthy for an open-air strip center.”
“The property sold for close to $700 per square foot, which is noteworthy for an open-air strip center.”
The project’s sponsors consist of a seasoned development team that has been active in South Florida for decades.
Tony Arellano and Devlin Marinoff are overseeing leasing of the entertainment destination’s available retail, restaurant and office space.
The buyer’s plans include a multifamily development on the site.
The company manages and leases a ±4-million-square-foot, 41-property portfolio throughout the state of Florida comprised primarily of grocery-anchored shopping centers as well as mixed-use and office properties.
They were able to procure the buyer for $395,000 over list price.
The assemblage occupies an entire city block in Fort Lauderdale’s hip Flagler Village neighborhood, located just two blocks north of Las Olas Boulevard in Downtown Fort Lauderdale.
The deals bring the 25-story, 387,402-square-foot “Class A” office community to over 50% leased following its November 2020 delivery.
The 6,115-square-foot auto tire and service center is situated on 27,502 square feet of land.
With a reputation of being a national retail specialist, Will Crowden joins SRS with 21 years of experience representing both established and emerging brands in their national, regional, and new market roll-out plans.
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