Wednesday, April 2, 2014

Marcus & Millichap Arranges Sale of 47,390-SF Shopping Strip in Sunrise, FL for $6.5 Million


Tri-City Plaza, 5995 West Sunrise Boulevard, Sunrise, FL

Marc E. Strauss
SUNRISE, FL, April 2, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Tri City Plaza, a 47,390 square-foot shopping strip located in Sunrise, FL. The asset sold for $6,500,000.

Marc E. Strauss, a first vice president investments, and Richard Moravek, an associate, in Marcus & Millichap’s Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a local limited liability company. 

“We are seeing more investors target inland retail properties, such as those in Sunrise, as the housing recovery and job growth lessen the perceived risks.  

"The 1031 exchange buyer was attracted to Tri City Plaza because the center is grocery-anchored. The IGA Neighbors supermarket is doing really well with over $402 per square foot in store sales,” says Moravek.

Richard Moravek
The center is occupied by 13 tenants including: Family Dollar, IGA Neighborhood Market, Metro PCS, Rainbow and others. Tri City Plaza is located at the signalized intersection of West Sunrise Boulevard and Sunset Strip at 5995 West Sunrise Boulevard in Sunrise, FL.

For a complete copy of the company’s news release, please contact:

Ryan Nee
Regional Manager
Ft. Lauderdale, FL
(954) 245-3400

No comments:

Post a Comment