CBRE Arranges Sale, Financing Of Broward Shopping Center

CBRE arranged the sale and financing of Coconut Creek Plaza, a 122,474-square-foot retail shopping center located at 5233-5289 Coconut Creek Parkway in Margate.

The property sold for $21,500,000.

CBRE’s Benjamin Silver and Kelley Greenstein represented the seller, Alliance XVI, LLC, and secured Coconut Creek Shopping Center, LLC, as the buyer. Ed Petti with CBRE’s Debt & Structured Finance team arranged financing on behalf of the buyer.

“This transaction reflects the strong investor appetite for retail properties and a comfort for the long-term viability of charter schools as a specialized tenant base South Florida,” said Silver, Senior Vice President at CBRE. “Coconut Creek Plaza’s stable tenancy, location, and the area’s continued growth made it a highly sought-after investment. We secured a buyer within a week of bringing the property to market.”

Located in Margate, a growing suburban market in west Broward County, the center sits on more than 10 acres. It is adjacent to the newly built Marquesa apartments, a 220-unit development. The property is anchored by two charter schools, which comprised approximately 86% of the leased space at the time of sale.

“We were able to arrange financing that aligned with the buyer’s investment strategy,” said Petti, Senior Vice President with CBRE. “The strength of the asset and the demand profile in this market gave lenders confidence in the deal.”