Marcus & Millichap Senior Vice President and Institutional Property Advisors (IPA) Senior Director Douglas K. Mandel negotiated the sale of Linkside Shoppes, a newly-renovated, 43,328-square-foot retail plaza situated on 3.63 acres located in Fort Pierce.
Summit Congress Plaza, LLC purchased the retail asset, located at 1401-1495 South US Highway 1, for $4,600,000 from Holland G&C Ft. Pierce, LLC, an affiliate of Delray-based Grover Corlew of Florida, LLC. The property last traded in March 2014 for $1,700,000,
Mandel represented both parties in the transaction.
“Linkside’s beautiful new design, prime eastern location and stable tenancy provides Holland G&C Ft. Pierce, LLC with a tremendous value-add opportunity with the stability of a steady return,” commented Mandel. “The average remaining lease term of the current occupancy is almost 6 years.”
Linkside Shoppes recently underwent a $2 million renovation, including a complete redesign of the plaza’s façade and parking lot. The plaza was 73 percent occupied at the time of the sale, featuring a strategic diverse mix of national and regional tenants including West Marine, Pizza Hut, Hibbett Sports, Mattress Firm, Well Med and Jimmy John’s.
Fort Pierce, often called the Sunrise City, has been the hub of St. Lucie County for more than 100 years. Situated on the Treasure Coast, Fort Pierce was awarded the 2005 City of Excellence Award by the Florida League of Cities for overall excellence in city government, and, in 2015, was named one of USA Today’s Most Idyllic and Historic Main Streets in America.
The deal was finalized September 16.
Including this deal, Mandel+Partners has closed 27 transactions valued at approximately $252 million in sales this year, including the sale of the following retail assets:
- New Century Commons in Delray Beach, which sold for $33,000,000, or approximately $390 per square foot.
- Grove Plaza in Coconut Grove, which sold for $535 per square foot.
- AT&T Plaza in Deerfield Beach, which sold for $290 per square foot.
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