South Florida's Pembroke Centre Sells for Record $784 Per SF

PP Omni Ventures affiliated with Hart Lyman Companies completed the $23 million sale of Pembroke Centre, a 29,350-square-foot retail plaza in Pembroke Pines, Florida. The sale closed at $784 per square foot — a record for a shopping center in South Florida’s Broward County, according to Avison Young. The buyer was OMAX Invest LLC.

Located near Interstate-75 and Pines Boulevard, Pembroke Centre is 100% occupied with a tenant roster including Pubbelly Sushi, Firebirds Wood Fired Grill, and Xfinity Store by Comcast. The property sits on an outparcel with a shared entrance to Shops at Pembroke Gardens, an open-air retail and entertainment destination. There are more than 200,000 residents within a five-minute radius of the property, generating total annual consumer spending of more than $1.6 billion.

Avison Young Florida Capital Markets Group principals David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; John K. Crotty, and Brian de la Fé marketed and sold the property on behalf of the seller.

Monolith Real Estate Property Management represented the buyer during the transaction.