CBRE Facilitates $17.1 Million Sale Of 25,000-SF Fort Lauderdale Retail Center

CBRE facilitated the $17.1 million sale of Galleria Plaza, a 24,807-square-foot, multi-tenant retail center in Fort Lauderdale to Shawnick Galleria, LLC, an entity affiliated with a California-based private investor.

David Donnellan and Patricia Friend with CBRE represented the seller, Sunrise Investment Properties, LLC, a Florida-based entity managed by Stiles Corporation, in the transaction. Paul Ahmed and Mackenzie Lampman with CBRE Capital Markets facilitated acquisition financing on behalf of the buyer – marking the team’s third deal with this investor.

“Located in the East Fort Lauderdale submarket, Galleria Plaza is positioned to benefit from the significant residential growth only a couple of miles away in the downtown area. Additionally, the property is uniquely located directly across from the prestigious Galleria Mall, only steps from Fort Lauderdale’s renowned beach area,” said Donnellan, a Senior Vice President at CBRE. “The property sold for close to $700 per square foot, which is noteworthy for an open-air strip center.”

Galleria Plaza sits at the northwest corner of Seminole Drive and East Sunrise Boulevard. Tenants include GEICO, Primo Fine Wines and Downtown Bicycles, among others. It is shadow anchored by a separately owned Publix that was not included in the sale.

The long-term fixed rate loan was placed with a correspondent life insurance company.

“Life insurance companies do not tend to focus on unanchored retail centers, but this property is situated to benefit from a truly exceptional location with barriers to entry and proximity to the ocean,” said Ahmed, a Senior Vice President at CBRE.

 

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