California Partnership Buys 122,935-SF Shopping Center

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.