Marcus & Millichap Brokers Sale Of Pembroke Pines Retail Property

Marcus & Millichap announced the sale of 1301 North Palm Avenue, a 21,380-square foot retail property located in Pembroke Pines.

The retail shopping strip sold for $5,200,000.

“This was a great opportunity for the buyer to acquire a deal below replacement cost with in place income of over a 6.5% cap rate with 10% vacancy. The Pembroke Pines submarket is a strong middle-class market with solid fundamentals,” said Jonathan De La Rosa, first vice president investments.

De La Rosa and Matthew Albregts, investment specialists in Marcus & Millichap’s Miami office, represented the buyer, Westar at Palm Plaza, a limited liability company.

1301 North Palm Avenue is located 10 miles from downtown Hollywood and near Hollybrook Gold and Tennis Club, Brian Piccolo Sports Park & Velodrome. The asset is in close proximity to major national retailers including Publix and Walgreens.