Tuesday, October 16, 2012

Marcus & Millichap Sells 41,908 SF Retail Center in Coral Springs, FL for $4.25 Million


  
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.



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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