The Real Deal Miami

Pompano Beach retail strip, gas station sell for $14.8M

A city committee considered plans for a mixed-use project on the site last fall

March 02, 2016 12:00PM
By Katherine Kallergis

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Atlantic Square

Atlantic Square in Pompano Beach

A potential redevelopment site that currently houses a shopping center and gas station in Pompano Beach has sold for $14.8 million.

Broward County records show Amkin Atlantic Square bought two properties, an 80,000-square-foot retail center and the gas station next door. Atlantic Square Properties,which was managed by now-deceased real estate investor John M. Rhodis of Hallandale Beach, sold the shops for $13.1 million. Pompano Beach Gas LLC sold the gas station for $1.7 million.

Tenants of Atlantic Square include a Family Dollar, Umberto’s Pizza, a Keyes Company office, dry cleaner, dentist, Japanese restaurant and more. The buildings sit on a 5.2-acre lot with parking. The property, at 2500 to 2780 East Atlantic Boulevard, last sold in 1998 for about $5.7 million. Broward County records show it was originally developed in 1964.

The 3,021-square-foot Marathon gas station, at 2798 East Atlantic Boulevard, sits on a 17,294-square-foot lot. It last sold for $900,000 in 2013. The seller is managed by Harry Falterbauer of Coconut Creek.

Both parcels, one block west of the Intracoastal Waterway, could be redeveloped. Last fall, a Pompano Beach development committee considered plans for a mixed-use project on the site, the South Florida Business Journal reported at the time. Those plans includes 360 residential units and 100,000 square feet of commercial space.

Pompano Beach, Broward’s second oldest city, is undergoing its own renaissance. While luxury condo developers are beginning to target the city’s beachfront, commercial activity is also heating up. “You will see a lot of redevelopment along several corridors that will attract infill projects with more retail,” Douglas K. Mandel, of the Marcus & Millichap’s Fort Lauderdale office, previously told The Real Deal. “The city is also embracing it. The new pier is a really nice project that will have some restaurants on the water and provide connectivity from the beach to the bay.”

The buyer is an affiliate of EPSA of America Corp., and lists a Brickell address on its corporate records. Financing was not recorded.