Two Shopping Center Sales Highlight Demand

MIAMI-Cushman & Wakefield’s local office has sold two more shopping centers in South Florida–Palm Aire Marketplace in Pompano Beach and Coralwood Shopping Center in Cape Coral–for a total of approximately $43.4 million.

In a deal negotiated by C & W’s investment sales team of senior director Mark Gilbert and director Adam Feinstein, a joint venture between Kimco Realty Corp., based in New Hyde Park, NY, and DRA Advisors, based in New York City, purchased Palm Aire Marketplace in Pompano Beach. The seller was AMB Property Corp., based in San Francisco. Palm Aire Marketplace consists of 140,312 sf and is anchored by Winn-Dixie Marketplace and Eckerd.

“The fact that the property is located opposite a new super Wal-Mart did not deter Kimco,” Gilbert says in a statement. “Kimco correctly assessed that Palm Aire Marketplace remains a vibrant neighborhood retail center despite the competition presented by Wal-Mart.”