The Real Deal Miami

Port St. Lucie shopping center goes for $9.8 million

Davie-based Ross Realty sold the 25,607-square foot shopping center near I-95

December 26, 2015 09:00AM

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Village Shoppes at St. Lucie West

Village Shoppes at St. Lucie West

Marcus & Millichap announced that Davie-based Ross Realty sold  a 25,607-square foot shopping center in Port St. Lucie for $9.8 million.

The new owner of Village Shoppes at St. Lucie West is a partnership from Salem, Massachusetts. The $9.8 million price for the fully occupied shopping center equated to a capitalization rate of 6 percent.

“We received multiple offers from investors across the country and closed for just under list price,” Adam J. Tiktin, first vice president, investments, in Marcus & Millichap’s Miami office, said in a press release. Tiktin handled the exclusive listing on behalf of Ross Realty.

Village Shoppes at St. Lucie West occupies 2.89 acres, and its nine tenants include Sprint, Fresenius Medical and Sports Clips. The property is located in a retail corridor of Port St. Lucie just east of Interstate 95. Such national tenants as Walmart, Publix and Home Depot are nearby. So is the New York Mets’ spring training camp.

Two Marcus & Millichap agents in the firm’s Fort Lauderdale office represented the Massachusetts-based seller: Derek R. Gibbs, a multifamily specialist, and Daniel J. Cunningham, associate vice president, investments.