MIAMI—Palm Plaza, a 74,575-square-foot shopping center in Pompano Beach, FL and Oakbrook Plaza, a 66,103-square-foot shopping center in Lauderhill, FL have traded hands. The retail assets sold for a collective $14.224 million.
Specifically, Palm Plaza sold for $7.5 million. Oakbrook Plaza sold for $6.725.
"These transactions are indicative of the surge in investor interest for multi-tenant properties in Broward County," says Douglas K. Mandel, a senior vice president investments in Marcus & Millichap's Fort Lauderdale office. "The heightened competition for quality assets has pushed buyers to consider centers outside the city of Fort Lauderdale. Both of these properties are centrally located, well-maintained and stabilized."
Mandel represented the sellers in both transactions. A Florida-based partnership purchased both assets. Adam Duncan, a senior associate, and Joseph P. Thomas, a vice president investments, both also in M&M's Fort Lauderdale office, represented the buyer in the Palm Plaza transaction.
Palm Plaza is a 74,575-square-foot flex property with two retail buildings, an Enterprise outparcel, a four-pump gas station and an industrial/flex building. The property is located on the corner of North Powerline Road and West Copans Road in Pompano Beach at 2450 North Powerline Road.
Oakbrook Plaza is a 66,103-square-foot retail shopping center with a mix of local neighborhood retailers and a Dunkin' Donuts franchise. Located at 7121-7229 West Oakland Park Boulevard in Lauderhill, the center is about one mile east of University Drive and a mile west of Florida's Turnpike.
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