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| Palm Aire Marketplace, Pompano Beach, FL |
POMPANO BEACH, FL – Marcus & Millichap Real Estate
Investment Services, the nation’s largest real estate investment services firm,
has closed the sale of Palm Aire Marketplace, a 140,312-square foot
shopping center located in Pompano Beach.
Drew
A. Kristol and Kirk D. Olson, both vice presidents of investments in
the firm’s Miami office, along with Lori Schneider, a senior vice
president investments in the Fort Lauderdale office of Marcus & Millichap
represented the seller. Schneider also
procured the buyer, a private New York based investor.
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| Lori Schneider |
“Although grocery-anchored centers are the investment of
choice among institutional buyers, the dozen offers for this property came from
qualified private investors,” Kristol says. “Because they saw the intrinsic
value of this asset, they competed for this dense South Florida urban infill
location,” he notes.
“The
buyer, an experienced operator from New York, currently has similar centers in
his portfolio,” says Schneider. “The many bidders were diverse in nature, but
this investor was the best fit. Although the property is well stabilized and
managed, he has plans to further invest in and improve the asset,” she notes.
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| Kirk D. Olson |
Located at 299 South Powerline Rd., Palm Aire Marketplace is
an 87-percent occupied, Winn Dixie-anchored center situated on 18.4 acres at
the corner of South Powerline Road and West Atlantic Boulevard.
Originally constructed in 1977, the property was redeveloped
in 1997.
In addition to Winn Dixie, national credit tenants including
Radio Shack, Dollar Tree, Sally Beauty Supply, Rent-A-Center and the UPS Store
currently occupy the center.
Restaurants and corporate-guaranteed outparcels for McDonald’s, Bank of
America, Ruby Tuesday, CVS/pharmacy and JPMorgan Chase were also part of the
transaction.
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| Drew A. Kristol |
With abundant surface parking, Palm Aire Marketplace has
multiple access points and excellent visibility. Traffic counts currently
exceed 88,000 cars per day.
Contact:
Stacey Corso
Marcus & Millichap
(925) 953-1716
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