Located on a nine-acre parcel at 1405 South Federal Highway, Pompano Plaza sits at a signalized intersection with a traffic count of 58,500 vehicles per day. The center serves a mature, affluent and densely populated trade area with extremely high barriers to entry. (Check out this significant retail trend.)

“Interest in this offering was exceptional based on the strong anchor tenant draw and location along Federal Highway in a prime South Florida trade area,” Feinstein tells GlobeSt.com. “Retail assets along Federal Highway in eastern Broward County are highly coveted by investors given the area's high barriers to entry, superior demographics in terms of population density and income levels, and solid retail fundamentals as evidenced by strong retail sales, high historical occupancy rates and consistent rental rate growth.”

Want more insights on the retail industry? Read my recent column.

MIAMI—Pompano Plaza, a 126,928-square-foot grocery-anchored shopping center in northeast Broward County, has traded hands. Pompano Plaza, Ltd sold the retail asset to Pittsburgh-based investor ECHO Realty acquired the asset for $29.6 million.

Cushman & Wakefield's Mark Gilbert, Adam Feinstein and Mitchell Halpern negotiated the disposition on behalf of the seller. The sale price equals $233 per square foot.

Pompano Plaza was developed in 1973 and significantly renovated in 2006 when a portion of the original structure was demolished and replaced with a new Publix store. A bank outparcel building was added in 2010. The plaza, which is anchored by Publix, Marshalls, Office Depot and Tuesday Morning, is 100% occupied.

“The seller has owned this asset for many years and positioned it for long-term success by replacing Service Merchandise with Publix in a brand new structure back in 2006,” Halpern tells GlobeSt.com. “Publix was a great complement to the existing Marshalls, creating a dynamic grocery/apparel anchor combination that generates significant customer traffic seven days a week, morning till night.”

Located on a nine-acre parcel at 1405 South Federal Highway, Pompano Plaza sits at a signalized intersection with a traffic count of 58,500 vehicles per day. The center serves a mature, affluent and densely populated trade area with extremely high barriers to entry. (Check out this significant retail trend.)

“Interest in this offering was exceptional based on the strong anchor tenant draw and location along Federal Highway in a prime South Florida trade area,” Feinstein tells GlobeSt.com. “Retail assets along Federal Highway in eastern Broward County are highly coveted by investors given the area's high barriers to entry, superior demographics in terms of population density and income levels, and solid retail fundamentals as evidenced by strong retail sales, high historical occupancy rates and consistent rental rate growth.”

Want more insights on the retail industry? Read my recent column.