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.
 

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