CBRE Facilitates Sale Of Wilton Station Shops In Wilton Manors

CBRE has arranged the sale of a 17,707-square-foot retail property, Wilton Station Shops, located in Wilton Manors. The property is located at 1201 NE 26th Street and was acquired by a local investor for $5.75 million.

Benjamin H. Silver and Kelley Greenstein of CBRE represented the seller, Wilton Station Shops LLC, Edward P. McKenzie, in the transaction. The team procured the buyer during the marketing process which resulted in an aggressive sale price within 2% of the listed price and $325 per square foot.

Wilton Station Shops, a retail center featuring 11 store fronts and additional storage units, serves as the commercial space for the Wilton Station condominium complex, a community of 272 apartments built in 2005. The property recently experienced significant rental growth, with new leases signed at rates more than 65% higher than existing leases. Walgreens, one of the property’s tenants, recently extended its lease for 16 additional years. The commercial unit tenants have full access to condominium amenities, including meeting rooms, a gym, a pool and a cinema. Wilton Station Shops provides quick access to I-95, downtown Fort Lauderdale, and the airport.

“We successfully identified an aggressive private investor who recognized the exceptional value and prime location of this asset,” said Silver, senior vice president at CBRE. “This sale underscores the strong demand for quality properties and the perceptive eye of investors looking for long-term growth opportunities.”

The property is located along Wilton Manors Drive, the market’s main commercial corridor, and benefits from its high-quality construction and strong submarket fundamentals.