Colliers Announces $33 Million Sale Of Premier Grocery-Anchored Shopping Center

Colliers announced the sale of Palm Aire Marketplace, a 143,219-square-foot grocery-anchored shopping center in Pompano Beach.

The property is nearly fully leased, with two new long-term leases from Presidente Supermarket and dd’s DISCOUNTS anchoring the center alongside established national brands like T-Mobile, Chase Bank and McDonald’s.

Colliers Senior Vice President Harry Blyden and Vice President Bastian Schauer with the South Florida Investment Services Team, along with Colliers retail specialists Ruben Suarez, Billy Weiser and Ariel Davis offered the property for sale on behalf of Pompano Realty USA, LLC.

The 18-acre property was bought by Longpoint Realty Partners LP, a Boston-based real estate private equity firm, for $33.1 million. Two new long-term leases with Presidente Supermarket, one of the largest Hispanic-owned grocers in the nation operating more than 50 stores in South and Central Florida, and dd’s DISCOUNTS, a division of Ross Stores, Inc. are expected to generate more shopper traffic to the center. These anchor tenants join an impressive lineup of national brands in the center, including CVS Pharmacy, Dollar Tree and Bank of America.

“The property is situated at the intersection of two heavily traveled roads in a mature and densely populated trade area,” said Harry Blyden, Senior Vice President of Colliers. “The addition of the two new anchors has dramatically increased customer traffic to the center and offers the opportunity to significantly increase rents over time. Despite the challenging capital markets, marked by higher interest rates and economic uncertainties, we successfully closed the deal on favorable terms for both the buyer and seller due to the diligent efforts and cooperation of all parties involved in the transaction.”  

The property caters to the high demand for Hispanic-oriented and discount grocery-anchored centers among investors. Research has shown these grocery-anchored retail centers fare well through economic uncertainty with occupancy remaining high and low tenant rollover. The local area has benefitted from a rising population and several recent and planned apartment projects attracting residents from across the country.

Pompano Beach has undergone significant growth in recent decades, with the abundance of redevelopment opportunities creating new economic appeal for the city and making it more attractive for companies, their employees, tourists, and year-round residents. The Property is located across from The Pomp, a new $2 billion world-class, mixed-use project. located on the 223-acre site of the former Pompano Park racetrack. The Pomp will feature entertainment venues, dining options, hotel, luxury residential, retail, office, and the expanded and remodeled Harrah’s Pompano Beach Casino, and is expected to provide a boost to the local economy.

Nearby, Broward County is also developing a 38-acre “innovation district” to revitalize its downtown, attracting a wide range of developers and businesses. The project allows for significant mixed-use development, including office space, retail, restaurants, residential units, and hotels.

Palm Aire Marketplace benefits from excellent visibility and accessibility and is prominently positioned on 18.36 acres at the high-traffic intersection of Powerline Road and W. Atlantic Boulevard in the heart of Broward County. Its location offers unparalleled frontage and exposure to the more than 100,000 vehicles daily that pass through the heavily traveled intersection.