The Real Deal Miami

Broward Kmart sells for $11 million

May 29, 2012 11:15AM

Kmart in Oakland Park

A Kmart department store in Oakland Park has sold for $11 million, according to Marcus & Millichap, which brokered the deal on behalf of the seller, a local property owner. Marcus & Millichap’s Douglas Mandel and Alan West handled the deal. “The property provides the new owner with an outstanding opportunity to either develop a new retail center or provide a national department or discount store retailer with an eastern Broward infill location,” Mandel said. “The site is already zoned and, for all intents and purposes, ‘shovel ready’ for retail, office and/or multi-family redevelopment.” The 110,989-square-foot property, which was built in 1962, is located on East Oakland Park Boulevard. — Alexander Britell