Sunday, December 7, 2014

Palm Plaza at Cypress Creek Retail Center in Pompano Beach, FL Sold by Marcus & Millichap for $2.8 Million

Britt Raymond
POMPANO BEACH, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Palm Plaza at Cypress Creek, a 44,132-square foot retail property located in Pompano Beach, Fla, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office.

The asset sold for $2,850,000.

Douglas K. Mandel, a first vice president investments, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Jupiter, Fla. 

The buyer, a developer from Fort Lauderdale, Fla, was secured and represented by Britt Raymond, an associate, and Preet Sabharwal, an associate vice president investments, in Marcus & Millichap’s Manhattan office. 

Douglas K. Mandel
 “Palm Plaza at Cypress Creek provided an investor the unique opportunity to acquire a well-located, value-add retail center on a large five-acre site.  The property has tremendous up-side and was priced below replacement cost,” says Mandel

Located at 1400 South Powerline Road in Pompano Beach, Palm Plaza at Cypress Creek is situated just one mile from I-95 and within minutes from the Florida Turnpike.

 For a complete copy of the company’s news release, please contact:

Ryan Nee
Regional Manager
 Fort Lauderdale, FL
(954) 245-3400

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