The Real Deal Miami

Broward retail center sells for $10.5M

Sellers had purchased property in 2005 for $9M

April 16, 2015 04:00PM

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Shoppes of Hillsboro

Shoppes of Hillsboro

The Shoppes of Hillsboro, a 61,165 square-foot retail center in Deerfield Beach, has sold for $10.5 million.

Marcus & Millichap’s Douglas K. Mandel, first vice president of investments, and Barry M. Wolfe, vice president of investments, both with the firm’s Fort Lauderdale office, represented the seller, Kenneth Israel Shoppes of Hillsboro LLC. The buyer is a partnership between BREF Hillsboro and Dhanya of Miami.

Broward property records show the sellers had purchased the center in 2005 for $9 million.

Shoppes of Hillsboro, at 2201-2260 West Hillsboro Boulevard, includes two parcels with an inline strip and two single-tenant pads, according to a release. The tenant mix includes various businesses, including medical, financial, clerical, food service, sundry retail and services. High-density, multi-residential communities nearby include the retirement community Century Village.

“Continuing a trend from 2014, retail real estate investors like what they see in Broward County strip centers,” Mandel said in a statement. “Smaller neighborhood centers requiring less management are particularly desirable.” — Ina Cordle