Marcus & Millichap Brokers $15.5 Million Sale Of Retail & Self-Storage Asset

Marcus & Millichap announced the sale of Sheridan Village Center, a 64,311 square foot mixed use retail and self-storage property located in Pembroke Pines.

The asset traded for $15.5 million.

“Sheridan Village Center sits within a wealthy section of Pembroke Pines and has a great tenant mix along with a rare self-storage component,” said Drew A. Kristol, Senior Managing Director of Investments in Marcus & Millichap’s Miami office. “The buyer was also attracted to the quality construction and upside in rents for both the retail and self-storage tenants.”

Kristol, along with Kirk D. Olson, Gabriel Coe, Nathan Coe and Brett Hatcher, investment specialists in Marcus & Millichap’s Miami and Columbus offices, exclusively marketed the property on behalf of the seller, Sheridan Real Estate Group LLC, and procured the buyer, Perkins Realty Management LLC.

Located at 16602-16660 Sheridan St., the center sits on nearly four acres in western Broward County just west of Interstate 75 and south of Weston. Built in two phases between 2017 and 2018, the property consists of 29,331 square feet of retail space and a 35,000-square-foot self-storage facility with 419 units, operated as Sheridan Village Self Storage.

The ground floor retail is 93 percent occupied and includes tenants such as Memorial Healthcare System, Dunkin’, and Momo Relaxation. The self-storage component spans two upper floors above the eastern retail strip and offers climate-controlled units, elevator access, and 24/7 video surveillance.