Marcus & Millichap Arranges $14.23 Million Sale Of Two Broward County Retail Centers
Marcus & Millichap announced the sale of Palm Plaza, a 74,575-square-foot shopping center located in Pompano Beach, and Oakbrook Plaza, a 66,103-square-foot shopping center located in Lauderhill.
Palm Plaza sold for $7,500,000 and Oakbrook Plaza sold for $6,725,000. The total sales price for the two properties is $14,225,000.
“These transactions are indicative of the surge in investor interest for multi-tenant properties in Broward County,” says Douglas K. Mandel, a senior vice president investments in Marcus & Millichap’s Fort Lauderdale office. “The heightened competition for quality assets has pushed buyers to consider centers outside the city of Fort Lauderdale. Both of these properties are centrally located, well-maintained and stabilized.”
Mandel represented the sellers in both transactions. A partnership from Plantation purchased both assets. Adam Duncan, a senior associate, and Joseph P. Thomas, a vice president investments, both also in Marcus & Millichap’s Fort Lauderdale office, represented the buyer in the Palm Plaza transaction.
Palm Plaza is a 74,575-square-foot retail/industrial flex property containing two retail buildings, an Enterprise outparcel, a four-pump gas station and an industrial/flex building. The property is located on the corner of North Powerline Road and West Copans Road in Pompano Beach at 2450 North Powerline Road.
Oakbrook Plaza is a 66,103-square-foot retail shopping center with a mix of local neighborhood retailers and a Dunkin’ Donuts franchise. Located at 7121-7229 West Oakland Park Boulevard in Lauderhill, the center is approximately one mile east of University Drive and a mile west of Florida’s Turnpike.
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning. Just follow the instructions below.
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning.
CLICK HERE TO SUBSCRIBE TODAY!
And we promise…no more than one email each morning.
Leave a ReplyWant to join the discussion?
Feel free to contribute!