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| Cypress Wood Plaza, Coral Springs, FL |
CORAL SPRINGS, FL, Oct. 16, 2012 – Marcus & Millichap
Real Estate Investment Services, the nation’s largest real estate investment
services firm, has announced the sale of Cypress Wood Plaza, a 41,908
square-foot retail center located in Coral Springs, FL, according to Gregory
Matus, Vice President/Regional Manager of the firm’s Ft. Lauderdale office.
The asset commanded
a sales price of $4,250,000 which represents $101 per square foot and an 8.92
percent CAP rate.
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| Douglas K. Mandel |
Associate Robert Granda and Vice President
Investments Douglas K. Mandel in Marcus & Millichap’s Ft. Lauderdale
office, had the exclusive listing to market the property on behalf of the
seller, a private investor from Coral Springs, FL.
Cypress Wood Plaza is a retail neighborhood shopping center
consisting of two retail buildings and a 7,000-square foot out-parcel. The
property was 80 percent occupied at the point of sale by local and regional
tenants including: VCA Animal Hospital, Bike America and Martinizing Dry
Cleaners.
“This sale represents one of the largest retail center
transactions in Coral Springs in 2012,” says Granda. “As inventory levels of
quality assets remain low, competition for them will continue to increase. The local retail market will see continued
growth in 2013 as both local and international investors continue to pursue
South Florida assets.”
Cypress Wood Plaza is located at 10412 West Atlantic
Boulevard between Coral Springs Drive and University Drive.
Press Contact:
Gregory Matus
Vice President/Regional Manager, Ft. Lauderdale
(954) 245-3400
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