MIAMI—Marcus & Millichap is reporting more small retail deals in Fort Lauderdale. The latest example is Plaza Del Mar, a 32,079-square-foot shopping center in Fort Lauderdale, FL. The commercial real estate firm just listed it at $14.8 million for the seller.

“Plaza Del Mar is ideally located along US Route 1 in Fort Lauderdale,” says Douglas K. Mandel, a first vice president investments in M&M's Fort Lauderdale office, who is representing the seller. “This offering is an excellent opportunity for an investor to acquire a top-quality asset in a high-barrier-to-entry market.”

Constructed in 1984 and renovated in 2011, the retail center is 84% leased to a variety of local and national retailers and restaurants. Tenants include Lime Fresh Mexican Grill, Jimmy John's, Joe's Crab Shack, Sally Beauty Supply, and MetroPCS.

M&M's latest market research suggests accelerating job growth and residential development will encourage retailer expansion in Broward County this year. The firm pointed to the relocation of People's Trust from Boca Raton to Deerfield Beach as one example. That move will bring about 300 jobs to the area.

“Sales velocity eclipsed pre-recession levels last year, but smaller deals accounted for an outsized share of activity,” M&M reports. “In 2014, transactions in the $10 million-plus segment should rise alongside listings as well-located shopping centers are re-stabilized and brought to market.”

Overall, M&M says multi-tenant cap rates average in the high-7% range, though centers in core locations with multiple credit tenants can trade below 6%. Single-tenant cap rates average 7% but also fall along a broad spectrum. Newer drugstores and banks in coastal areas, for example, can sell in the 5% range, while non-credit deals typically trade upwards of 7.5%.