Institutional Investor Acquires Weston Retail Center For $32 Million

CBRE arranged the sale of Weston Road Shopping Center, a 105,929-square-foot retail center located at the southern entrance to the city of Weston at 4410 Weston Road in Davie.
An institutional investor acquired the property from Game Properties of Coral Gables, for $32.25 million.  CBRE represented the seller.

“Investor interest was very strong and came from a variety of institutional capital sources including several REITs and pension fund advisors,” said Dennis Carson, Senior Vice President in CBRE’s National Retail Investment Group. “Fueling this interest was the property’s superior location at the southern entrance to Weston, which is generally viewed as one of the nation’s premier planned residential communities and one of South Florida’s strongest, highest barrier retail submarkets.”

Built in 1999, the Weston Road Shopping Center is located on the corner of Weston Road and Griffin Road. The center is anchored by Office Depot and AC Moore and is nearly 98% leased. Other national and regional non-anchor tenants include Sprint, Dunkin Donuts, AT&T, Pinch-A-Penny, Honey Baked Ham and T-Mobile.

“The Office Depot anchor space creates a potentially compelling re-tenanting opportunity in the future given Office Depot’s transition to smaller store formats,“ added CBRE First Vice President David Donnellan. “Buyers were also was attracted to the fact that the property had among the lowest average rents in the Weston area, which should drive long-term income growth potential.”

The CBRE team representing the seller included Carson, Donnellan and Casey Rosen.