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| Greg Matus |
Fort Lauderdale, FL
(March 16, 2015) — Just days after announcing the sale of two Fort Lauderdale
retail properties, Franklin Street has
completed the sale of another neighborhood shopping center for $5.783 million in the city.
Franklin Street Managing Partner, Greg Matus, and Investment Associate, Peter Crane, represented the buyer of the 40,409-square-foot
Pinecrest Square located at 901 Cypress Creek Road.
The buyer is
Pinecrest AP, a private real estate investor from the Northeast U.S. The seller
is MPI/Pine Crest Square, Inc., an affiliate of Milestone Properties, which was
represented by Marcus & Millichap.
The new owner has
plans to make significant capital improvements to the property which is nearly
75 percent occupied. It has a mix of local and national tenants which include
Subway, Jiffy Lube and 7-Eleven.
“By spending some
money on improvements, this investor has an extraordinary opportunity to retain
and attract higher paying tenants, and transform the property into a more
valuable asset,” said Matus. “Rising rents and low interest rates are creating
significant investor demand in shopping centers like Pinecrest Square.”
Last week, Franklin
Street announced it had arranged the sale of two retail centers on Federal
Highway between Oakland Park Blvd. and Commercial Blvd. for a combined price of
$12.4 million.
For a
complete copy of the company’s news release, please contact:
Todd Templin or Ashley Fierman, BoardroomPR
954-370-8999
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