South Florida Shopping Center Sells for $13.8 Million

Douglas K. Mandel

FORT LAUDERDALE, FL, July 28, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the of sale Plaza Del Mar, a 32,079-square-foot shopping center in Fort Lauderdale, Fla. The $13.8 million sales price equates to $430 per square foot.

            Douglas K. Mandel, a first vice president investments in Marcus & Millichap’s Fort Lauderdale office, represented the seller, South Florida Residential LLC. The buyer is a private investor from Brazil.

            “Plaza Del Mar is a top-quality asset in a high-barrier-to-entry market,” says Mandel. “The offering attracted a great deal of attention from the retail property investment community and the transaction closed within a relatively short timeframe.”

            Constructed in 1984 and renovated in 2011, Plaza Del Mar is located at 1451 North Federal Highway in Fort Lauderdale with direct frontage on U.S. Highway 1.  

Plaza del Mar Shopping Center, 1451 North Federal Highway
Fort Lauderdale, FL

At the time of the sale, Plaza Del Mar was 84 percent leased to a variety of local and national retailers and restaurants. 

Tenants include Lime Fresh Mexican Grill, Jimmy John’s, Joe’s Crab Shack, Sally Beauty Supply and MetroPCS.

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

Gina Relva

Public Relations Manager

(925) 953-1716