Sterling Organization To Sell Major Shopping Center In South Florida

Sterling Organization has engaged Cushman & Wakefield to sell the 563,000-square-foot Pompano Citi Centre in Pompano Beach.

The 83%-leased Pompano Citi Centre features a diverse anchor lineup that includes Burlington, Nordstrom Rack, Ross Dress for Less, TJ Maxx, JC Penney and Amped Fitness. The property, which also benefits from a separately owned Lowe’s Home Improvement store that is part of the greater site, is situated on ±34 acres with excellent frontage and visibility at the highly trafficked intersection of Copans Road and Federal Highway.

Sterling has invested significant capital over the years to substantially upgrade the center and position it as a best-in-class open-air retail center. In 2019, Sterling acquired an adjacent parcel and subsequently repositioned the former department store location, which now features Burlington, TJ Maxx and Five Below. The former Sears Auto Center at the property was transformed into a 19,000-square-foot, 100%-leased multi-tenant retail building with direct frontage along Copans Road that is home to a mix of high-quality national and regional tenants. Most recently, Sterling was able to quickly replace Big Lots by signing a new lease with Nordstrom Rack, evidencing the quality of the location and property. Once open, Nordstrom Rack will improve the tenant mix at the property and substantially increase the number of customers visiting the site.

Adding to the evolution of Pompano Citi Centre, a multifamily developer is currently developing ±12 acres of land formerly occupied by a department store and immediately adjacent to Pompano Citi Centre into 356 apartment units. The development will drive even more customer traffic to the property.

Pompano Beach is top-tier retail trade area with a submarket vacancy rate of just 4%. The eastern portions of Pompano Beach are densely populated and are experiencing a wave of multifamily construction, particularly along the Federal Highway corridor. The property is also proximate to Lighthouse Point, a well-known boating community with extremely high-income levels.

“Pompano Citi Centre is expected to garner significant interest from investors given the quality of the rent roll, prime location in one of South Florida’smark  strongest trade areas, and durable cash flow with significant growth potential,” said Mark Gilbert, Cushman & Wakefield Vice Chair and Retail Capital Markets Lead, Americas.  

Cushman & Wakefield’s Miami-based retail investment sales team led by Gilbert, Adam Feinstein and Mitchell Halpern will handle the marketing effort.