The Real Deal Miami

Portfolio of Broward shopping centers lists for $10.9M

Asking rents range from $12 to $15 psf triple-net

February 08, 2016 04:30PM
By Katherine Kallergis

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Commercial Plaza in Tamarac

Commercial Plaza in Tamarac

Three retail centers in Tamarac and Lauderhill have hit the market for $10.87 million, Colliers announced on Monday. 

Madrid Plaza in Lauderhill

Madrid Plaza in Lauderhill

The properties total 85,415 square feet and are all value-add or redevelopment opportunities. TML Associates owns the package of shopping centers, which break down to the Commercial Plaza, a 45,000-square-foot property in Tamarac; and Lauderhill strip centers Madrid Plaza and Bon Vale Plaza, a combined 41,415 square feet.

TML, a Parkland-based company, tapped Colliers International South Florida’s Clinton Casey and Kevin McCarthy to list the portfolio. The owner is looking for a portfolio buyer, either a local principal or an out-of-town investor with local holdings, McCarthy told The Real Deal.

Casey and McCarthy are also looking to secure national and regional junior tenants for the properties. Potential anchors include telecommunications stores and restaurants. Asking rents range from $12 to $15 per square foot triple-net with operating expenses between $4 and $5 annually, depending on square footage.

Commercial Plaza, at 5301 North State Road 7, was built in 1975 and renovated in 2014. The 3.55-acre property is 70 percent occupied. County records show it previously sold for $4 million in 2008. Madrid Plaza and Bon Vale Plaza, which are next to each other, sit on a 4.1-acre lot at 7529-7575 West Oakland Park Boulevard in Lauderhill. They are 79 percent occupied and were built in the late 1970s. Previous sales information for the Lauderhill properties was not available.

McCarthy said the Fort Lauderdale market has boosted the appeal of commercial properties in central Broward County on the buyers’ side and on the demand for product side. The surrounding population coupled with the demand on the consumers’ end is fueling the retail market, he told TRD.

The properties are also listed separately: $5.9 million for Commercial Plaza, $2.71 million for Madrid Plaza and $2.56 million for Bon Vale Plaza.

In July, Pebb Enterprises sold the University Commons shopping center in Tamarac for $10.7 million.