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| Douglas K. Mandel |
FORT LAUDERDALE, FL – Marcus & Millichap (NYSE: MMI), a
leading commercial real estate investment services firm with offices throughout
the United States and Canada, announced the sale of Pine Crest Square, a 40,409-square foot retail property located in
Fort Lauderdale, Fla, according to Ryan
Nee, regional manager of the firm’s Fort Lauderdale office.
The asset sold
for $5,783,000 equating to $143 per square foot.
Douglas K. Mandel,
a first vice president investments, Barry
M. Wolfe, a vice president investments, and Alan Lipsky, an associate, in Marcus & Millichap’s Fort
Lauderdale office, had the exclusive listing to market the property on behalf
of the seller, a partnership from Delray Beach, Fla.
“Pine Crest Square serves the predominantly residential
neighborhoods along East Cypress Creek Road and benefits from its proximity to
I-95 and the traffic generated by several hotels and office parks in the
immediate area,” says Mandel.
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| Barry M. Wolfe |
“The property is
well-positioned to serve not only the needs of the residents but also daily
corporate and tourist traffic. The current tenant mix serves both markets.”
Located at 901-959 East Cypress Creek Road, the property is
immediately east of I-95 and adjacent to the prestigious Pine Crest School
campus.
Tenants include a mix of local and national retailers,
including Subway, Jiffy Lube and 7-Eleven. The property is on the eastern
boundary of the Cypress Creek Office submarket, which contains many large
office properties, hotels and hospitals.
For a complete copy
of the company’s news release, please contact:
Ryan Nee
Regional Manager
Fort Lauderdale, FL
(954) 245-3400
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