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| Howard Bregman |
PALM SPRINGS, FL – Marcus & Millichap (NYSE: MMI), a
leading commercial real estate investment services firm with offices throughout
the United States and Canada, t announced the sale of Summit Plaza, a 44,300-square foot shopping center located in Palm
Springs, Fla., according to Ryan Nee, regional manager of the firm’s Fort
Lauderdale office. The asset sold for $6,850,000 equating to $158 per square
foot.
Howard Bregman,
a senior associate, in Marcus & Millichap’s Fort Lauderdale office, had the
exclusive listing to market the property on behalf of the seller, a private
investor from Boynton Beach, Fla. The
buyer, who was in a 1031 exchange, was from Fort Lauderdale, Fla.
Summit Plaza is a 100
percent occupied two-tenant retail center which includes a core built-to-suit
location for the Florida Department of Revenue for Child Support Enforcement.
The center was completely renovated in 2005-2007. Also included in the sale was
a 20,000-square foot site-plan-approved outparcel with direct frontage on
Congress Avenue.
“Summit Plaza offered an
investor a rare opportunity to acquire a cash-flowing, modernized, easy to
manage and fully-occupied retail center in the heart of Palm Springs,” says
Bregman. “The buyer purchased a high cap
rate asset with a tremendous upside in developing the outparcel.”
Summit Plaza is located at
839 S. Congress Avenue just north of Forest Hill Boulevard.
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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