CBRE facilitated the $11.9 million sale of Lyons Plaza, a single-story, multi-tenant retail shopping center in Coconut Creek, to 1301 Lyons, LLC, a Florida-based entity managed by Steven Hudson and Charles Ladd.
David Donnellan and Patricia Friend with CBRE represented the seller, Lyons Plaza Coconut Creek, LLC, a Florida-based entity managed by Alberto Dayan, in the transaction.
The 80,361-square-foot property located at 1301-1509 Lyons Road includes two freestanding outparcel buildings. At the time of sale, Lyons Plaza was 91 percent leased to 27 retail tenants, including Conviva Care Center (Humana) and Goldcoast Ballroom, among others.
“This property is well-located in the densely populated, middle-income trade area of Coconut Creek/Margate,” said Donnellan, a Senior Vice President at CBRE. “The property offers substantial upside potential as the current rent roll is below market rental rates along with the opportunity to fill vacant space caused by the pandemic.”
“We are pleased to add this excellent property to our portfolio of Broward County retail assets,” said Hudson. “The tenant mix at Lyons Plaza is strong and we look forward to working with existing tenants as well as filling the available space with new and exciting uses.”
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