Wednesday, October 21, 2015

$6.85 Million Sale of Summit Plaza in Palm Springs, FL Brokered by Marcus & Millichap

Howard Bregman
PALM SPRINGS, FL  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, t announced the sale of Summit Plaza, a 44,300-square foot shopping center located in Palm Springs, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $6,850,000 equating to $158 per square foot.

Howard Bregman, a senior associate, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Boynton Beach, Fla.  The buyer, who was in a 1031 exchange, was from Fort Lauderdale, Fla.

Summit Plaza is a 100 percent occupied two-tenant retail center which includes a core built-to-suit location for the Florida Department of Revenue for Child Support Enforcement. The center was completely renovated in 2005-2007. Also included in the sale was a 20,000-square foot site-plan-approved outparcel with direct frontage on Congress Avenue.

“Summit Plaza offered an investor a rare opportunity to acquire a cash-flowing, modernized, easy to manage and fully-occupied retail center in the heart of Palm Springs,” says Bregman.  “The buyer purchased a high cap rate asset with a tremendous upside in developing the outparcel.”

Summit Plaza is located at 839 S. Congress Avenue just north of Forest Hill Boulevard.

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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