The Real Deal Miami

New York investor buys Pompano Beach shopping center for $46M

Investor's second retail purchase in South Florida
March 20, 2015 01:00PM

Walmart at the Pompano Marketplace

Walmart at the Pompano Marketplace

A New York-based investor and developer just picked up a shopping center in Pompano Beach for $46.8 million.

Katz Properties closed on the 239,000-square-foot Pompano Marketplace shopping center, marking their second major retail purchase in Southeast Florida.

Located at 1255 South Federal Highway, the shopping center was built in 1989 and sits on a 19-acre plot. It’s 99-percent occupied and anchored by Walmart, according to a release.

The group’s first shopping center purchase was the Sunshine Plaza in Tamarac, which it bought for $28.5 million in July

Pompano Marketplace was last sold for $29 million in 2013 by TA Associates Realty. It was sold to a company named Pompano Marketplace Owner, which is managed by Jeffrey Menz, according to corporate records.

Katz has earmarked another $250 million for investments in South Florida, and plans to pick up more properties over the next three years.

“This region is proving to be an excellent place to do business,” said Josh Katz, chief operating officer of Katz Properties, in a statement. “We’re building our local management presence around this growing portfolio and continuing to look for new opportunities.” — Sean Stewart-Muniz