Saturday, March 21, 2015

Marcus & Millichap Arranges Sale of Pine Crest Square in Fort Lauderdale, FL for $5.7 Million


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.

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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