FIP Realty Services, LLC recently closed the sale of the Sun Plaza retail center for $2.65 million.
Roy Faith (pictured left), principal at FIP Realty Services, LLC, and Dave Colonna (pictured right), Broker Associate with the firm, brokered the sale on behalf of the Seller, Sunflower, LLC.
950 Properties LLC, represented by Laurent Abitbol of Exclusive Management and Properties, Inc., purchased the property.
The plaza, which consists of 32,000 square feet of leasable space, is located at 950-1000 S. State Rd 7 in Margate, offering great exposure and visibility directly on US 441, between Commercial Blvd. and Atlantic Blvd.
The property was originally purchased in June, 2012 for $1.58M with a 34% occupancy rate. FIP Realty was retained as the exclusive leasing company for the plaza. Within 18 months, FIP Realty increased the occupancy rate to 80%.
“The few remaining vacancies in the retail plaza, including an end cap directly on US 441, will provide additional added-value to the new owner,” commented Faith.
Current tenants include Brady’s Irish Pub, Wings N’ Curls Restaurant, La Huesteca Mexican Grocery Market and 4 Seasons Salon.
FIP Realty Services, LLC will continue its role as the Leasing and Management Company for the plaza.
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