Lakewood Shopping Center, a 236,679-square-foot shopping center located on West Atlantic Boulevard in Margate, Florida, was acquired by an affiliate of Toronto/Florida-based North American Development Group (NADG) for $31.5 million from a wholly-owned subsidiary of Inland American Real Estate Trust, Inc. CBRE’s National Retail Investment Group in Florida provided exclusive representation to the seller in the transaction.
The property is located at the intersection of U.S. Highway 441 / State Road 7 and West Atlantic Boulevard in Broward County. The in-line center is anchored by Marshalls, Ross Dress for Less and Staples.
Also included in the sale were outparcels occupied by Walgreens, Burger King, Applebee’s and Bank of America. A Walmart Supercenter, TD Bank, Boston Market, Denny’s and McDonald’s also operate at the property but are separately owned and were not included in this transaction.
“NADG was interested in high quality in-fill real estate and a property with the potential for value creation,” said Casey Rosen, a Senior Vice President with CBRE in Miami. “This transaction was a win for both parties,” Rosen continued. “The sale will enable Inland American to diversify their holdings in the region and re-cycle proceeds into investments with higher growth profiles than retail such as hotels.”
The CBRE National Retail Investment Group is a team of senior Capital Markets professionals that specialize in the sale, debt and equity finance, and recapitalization of retail properties throughout the United States. In Florida, the NRIG team is based in the Miami office and includes Senior Vice Presidents, Casey Rosen and Dennis Carson and First Vice President Nikolas Kozy.
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