"The Sunrise Town Center offering received significant interest from investors due to its location in a growing submarket, its configuration and its solid tenant base," Adam Feinstein, a broker involved in the transaction, says in a statement.

The center is located at the northeast corner of University Drive and Oakland Park Boulevard. Anchor tenants at the property include L.A. Fitness and Office Depot. In addition, a Wal-Mart, which was not part of the sale, is located at the property.

"The combination of Wal-Mart, Office Depot and L.A. Fitness creates a strong customer draw to the center which benefits all the tenants of this property," according to Mark Gilbert, another broker involved in the transaction. "Due to these three anchors, this property has as much customer traffic as a grocery-anchored center."

Gilbert added that, "This sale is a good example of a non-grocery-anchored center that benefits from the overall demand for retail properties in Florida. The retail property sector, particularly grocery-anchored properties, is red hot due to the stability of the tenant base.

"Neighborhood centers in Florida are always highly coveted because of the state's strong population growth and income levels," Gilbert states. "Retailers do well in Florida because of the area's strong demographics. Shopping center investors focus on this market because of the strong underlying fundamentals."

Sunrise Town Center was built in 1989. PEBB purchased it in 1997 and since has renovated and re-tenanted the center with L.A. Fitness and Office Depot, as well as many local shop tenants.

Gilbert, senior director of financial services, and Feinstein, director of financial services, of Cushman & Wakefield's Miami office represented Pebb in the sale, which closed March 14.

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