Margate Shopping Center Trades for $14.7M

A joint venture between New York-based TIAA-CREF and Houston-based Weingarten Realty Investors sold the Palm Lakes Plaza shopping center at 7210-7388 W. Atlantic Blvd. in Margate, to an affiliate of San Francisco-based Stockbridge Capital Group LLC for $14.7 million, or roughly $129 per square foot.
The neighborhood center is located in the NW Broward / Coral Springs submarket on more than 12.5 acres. The main building is a 109,752-square-foot retail building, built in 1979 and renovated in 2003. The other property is a 4,000-square-foot bank building built in 1981 on an outparcel.
The Cushman & Wakefield, Inc. team of Mark Gilbert and Adam Feinstein represented the seller. The buyer was represented in-house.
Source:  CoStar



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