The Real Deal Miami

Broward shopping centers sell for about $100 per square foot

Marcus & Millichap sees more interest in Broward retail space outside Fort Lauderdale
January 23, 2016 11:30AM

Palm Plaza in Pompano Beach

Palm Plaza in Pompano Beach

Commercial brokerage Marcus & Millichap announced the sales of shopping centers in Lauderhill and Pompano Beach for a total of $14.2 million.

Marcus & Millichap said a partnership in Plantation bought both properties, with a combined total of 140,678 square feet, for about $100 per square foot.

The 74,575-square-foot Palm Plaza in Pompano Beach sold for $7.5 million. The mixed-use property is home to two retail buildings, an Enterprise outparcel, a gas station and an industrial/flex building. Palm Plaza is located at at 2450 North Powerline Road in Pompano.

Oakbrook Plaza in Lauderhill, which has 66,103 square feet, fetched $6.7 million. The tenants include a Dunkin’ Donuts franchise. The Lauderhill location at 7121-7229 West Oakland Park Boulevard is about a mile east of University Drive and a mile west of Florida’s Turnpike.

Douglas K. Mandel, senior vice president, investments, at the Fort Lauderdale office of Marcus & Millichap, said in a press release that “these transactions are indicative of the surge in investor interest for multi-tenant properties in Broward County. The heightened competition for quality assets has pushed buyers to consider centers outside the city of Fort Lauderdale.”