The Real Deal Miami

Lauderlake Marketplace listed for sale at $32M

Shops, which are 87 percent leased, could also be redeveloped

July 17, 2015 03:30PM

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Lauderdale Marketplace and Joe Byrnes of Berger Commercial Realty

Lauderdale Marketplace and Joe Byrnes of Berger Commercial Realty.

A nearly 30-acre retail development in Broward’s Lauderdale Lakes has hit the market for $32 million, The Real Deal has learned.

Lauderdale Marketplace, which is 87 percent leased, is on the southeast corner of Oakland Park Boulevard and State Road 7. Berger Commercial Realty is the exclusive listing agent for the property, which is owned by Lauderdale Marketplace Investments.

Tenants of the 266,000-square-foot development include Broward Health, YouFit Health Club, Humana, the Broward Sheriff’s Office, the Department of Veteran Affairs and the Department of Highway Safety and Motor Vehicles, according to a press release. The Lauderdale Lakes complex was built in 1986 and 1987.

“In addition to its stable tenant mix, Lauderdale Marketplace also provides an excellent long-term opportunity to redevelop the entire site as a multi-purpose city center,” Berger vice president Joseph Byrnes said in the press release. “The areas of central and western Broward County are experiencing a boom right now, and Lauderdale Marketplace offers a prime location for further growth.”

Commercial real estate investor Austin Forman and Blackrock Partners, Ltd. are listed on the owner’s corporate records. — Katherine Kallergis