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South Florida

Margate shopping center sells for $31.5 million

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The Lakewood Shopping Center in Margate has been purchased for $31.5 million by a subsidiary of Inland American Real Estate Trust, according to CBRE, which represented the seller. The 236,679-square-foot shopping center is located on West Atlantic Boulevard. The buyer was North American Development Group, which is based in Florida and Toronto. “NADG was interested in high-quality infill real estate and a property with the potential for value creation,” said Casey Rosen, a senior vice president with CBRE in Miami. “The sale will enable Inland American to diversify their holdings in the region and recycle proceeds into investments with higher growth profiles than retail such as hotels.” The center is anchored by Marshalls, Ross Dress for Less and Staples. — Alexander Britell

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