Search
 

California Partnership Buys 122,935-SF Shopping Center

PLANTATION, FL-The five-year-old Plantation Crossings is 100% occupied. The retail shop, restaurant and service provider tenants include CompUSA, Michaels and Pier 1 Imports. An investment partnership out of southern California sold the property for about $109 per sf.

By Melissa Bogdany | Updated on April 20, 2004

PLANTATION, FL-A 122,935-sf shopping center in the city has been sold for $13.4 million. The sales price equates to approximately $109 per sf. An Oakland, CA-based investment partnership acquired the property, located on nearly 7.3 acres at 12220 Sunrise Blvd., in a 1031 Exchange. The seller was an investment partnership out of southern California.Plantation Crossings commanded an 8.69% capitalization rate–above market due to the above-market financing the buyer had to assume. Plantation Crossings, built in 1999, is 100% occupied by a variety of boutique retail shops, restaurants and service providers. Tenants there include CompUSA, Michaels and Pier 1 Imports.Chris Kostanecki, Zeb Ripple and Christopher Peters, investment specialists in Encino, CA-based Marcus & Millichap Real Estate Investment Brokerage Co.’s San Francisco office, secured and represented the buyer in the transaction. Kostanecki, Ripple and Peters are the founders of RetailInvestment.com, a top team of Marcus & Millichap’s National Retail Group, a division of the company that focuses solely on retail investment sales. Last year, the National Retail Group facilitated the sale of more than 1,100 retail properties totaling more than $3.1 billion.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.