The 154,000-sf Catalina Centre retail property is anchored by Best Buy, Marshalls and Rag Shop, as well as national restaurants such as Macaroni Grill and Boston Market. The one-story property is approximately 98% occupied.
The property is a "very well-located, high-sales volume center [with a] good mix of national, regional and local tenants and high occupancy levels," Gary Broidis, principal and broker with Boca Raton-based Atlantic Commercial Group Inc., tells GlobeSt.com. Broidis represented the buyers in the recent transaction.
"This property continues to be an above-market performer with regard to sales history of the tenants operating there and occupancy levels maintained over the years," he states, adding the center, located on Congress Avenue, is planned to be a long-term hold for the buyers.
Richard Tarquinio, first vice president with CB Richard Ellis Inc.'s Miami office, represented Investcorp in this transaction.
"They [Investcorp] felt it was an opportune time to sell their retail in the Florida market. They have sold most of their Florida retail assets," Tarquinio tells GlobeSt.com. "They have relocated their acquisition criteria to purchase other properties in other parts of the United States."
He adds, "It was a very good investment for them."
The new owners of Catalina Centre also purchased Somerset Shoppes, a 188,000-sf, 97% occupied shopping center in Boca Raton, FL in fall 2002 from Investcorp for $38.8 million. The $208 per sf deal marked the highest per sf retail property sale in Broward and Palm Beach counties in three years. Broidis also represented the buyers in the Somerset Shoppes deal.
Atlantic Commercial Group specializes in the brokerage and development of South Florida retail and office properties. Other services include tenant and landlord representation, and development consulting.
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