Pompano Beach’s Palm Aire Marketplace sells for $20 million

The Palm Aire Marketplace in Pompano Beach has been sold for $20 million. The property, which was sold by DRA Advisors to a two groups out of New York: Nightingale Properties and Carlton Associates. The 140,000-square-foot retail center is anchored by a Winn-Dixie and a CVS pharmacy. The buyers reportedly received $16.1 million in financing from Five Mile Capital at a 4.64 percent rate and an 8.5 percent cap rate. Palm Aire is located at 299 South Powerline Road in Pompano Beach. Headlining the deal were Marcus & Millichap’s Drew Kristol and Kirk Olson, both of whom are vice presidents for investments at the firm’s Miami office, along with Lori Schneider, a senior vice president for investments in the firm’s Fort Lauderdale office, who all represented the seller. Schneider also procured the buyer.  — Alexander Britell