Tuesday, November 20, 2012

Grocery-Anchored South Florida Shopping Center Sold by Marcus & Millichap



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.

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.

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.

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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