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| Westview Shoppes, Coral Springs, FL |
CORAL SPRINGS, FL – Marcus & Millichap Real Estate
Investment Services, the nation’s largest real estate investment services firm,
has arranged the sale of Westview Shoppes, a distressed 60,732-square
foot Office Depot-anchored shopping center in Coral Springs. The sales price of
$9,691,000 equates to $160 per square foot.
Drew
Kristol and Kirk Olson, both vice presidents investments, along with
senior associate Greg Zeifman, all in Marcus & Millichap’s Miami
office, represented the seller, Westview Shoppes Fla. LLC.
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| Drew Kristol |
Ken Hoff, a
senior associate in the firm’s Manhattan office, also provided representation.
The buyer was a private investor based in North Miami Beach, Fla.
“This
transaction was a receivership sale with attractive seller financing offered
for qualified buyers,” says Olson. “These factors, along with the property’s
strong tenant roster and location, resulted in multiple offers and a successful
marketing campaign.
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| Kirk Olson |
“At first there was some concern about the rental rates for
the larger spaces in the center, but the trend that we are seeing is less
vacancy for mid- to large-size boxes in strong submarkets such as Coral
Springs,” Olson continues. “This trend should help rental rates recover to more
healthy levels within the next few years.”
Located at 9525 Westview Dr. at the corner of North
University Drive, the property has a traffic count of 40,000 cars per day from
these two major roadways and a parking ratio of approximately six spaces per
1,000 rentable square feet.
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| Greg Zeifman |
“Bordering the center to the north is the Sawgrass
Expressway, a major roadway that connects Coral Springs with Florida’s Turnpike
and Deerfield Beach to the east, as well as the Sawgrass Mills Mall and
southern Broward County to the south. Westview Shoppes is adjacent to a large
shopping center anchored by Regal Cinemas, with another large center on the
south side of Westview Drive anchored by Target.
Built in 1999, Westview Shoppes features two retail plazas.
The larger plaza contains Office Depot, a Youfit Health Club and Mega Liquors,
while the smaller outparcel plaza includes Dunkin’ Donuts, Anthony’s Coal Fired
Pizza and a dry cleaning establishment.
Contact:
Stacey Corso
Public Relations Manager
(925) 953-1716
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