Portfolio of Broward shopping centers lists for $10.9M

Miami /
Feb.February 08, 2016 04:30 PM

Three retail centers in Tamarac and Lauderhill have hit the market for $10.87 million, Colliers announced on Monday. 

The properties total 85,415 square feet and are all value-add or redevelopment opportunities. TML Associates owns the package of shopping centers, which break down to the Commercial Plaza, a 45,000-square-foot property in Tamarac; and Lauderhill strip centers Madrid Plaza and Bon Vale Plaza, a combined 41,415 square feet.

TML, a Parkland-based company, tapped Colliers International South Florida’s Clinton Casey and Kevin McCarthy to list the portfolio. The owner is looking for a portfolio buyer, either a local principal or an out-of-town investor with local holdings, McCarthy told The Real Deal.

Casey and McCarthy are also looking to secure national and regional junior tenants for the properties. Potential anchors include telecommunications stores and restaurants. Asking rents range from $12 to $15 per square foot triple-net with operating expenses between $4 and $5 annually, depending on square footage.

Commercial Plaza, at 5301 North State Road 7, was built in 1975 and renovated in 2014. The 3.55-acre property is 70 percent occupied. County records show it previously sold for $4 million in 2008. Madrid Plaza and Bon Vale Plaza, which are next to each other, sit on a 4.1-acre lot at 7529-7575 West Oakland Park Boulevard in Lauderhill. They are 79 percent occupied and were built in the late 1970s. Previous sales information for the Lauderhill properties was not available.

McCarthy said the Fort Lauderdale market has boosted the appeal of commercial properties in central Broward County on the buyers’ side and on the demand for product side. The surrounding population coupled with the demand on the consumers’ end is fueling the retail market, he told TRD.

The properties are also listed separately: $5.9 million for Commercial Plaza, $2.71 million for Madrid Plaza and $2.56 million for Bon Vale Plaza.

In July, Pebb Enterprises sold the University Commons shopping center in Tamarac for $10.7 million.


Related Articles

arrow_forward_ios
Mike Nunziata & the site map

13th Floor scores approval for housing community on former golf course in Tamarac

13th Floor scores approval for housing community on former golf course in Tamarac
From left: Steve Bisciotti, Jim Davis with  Jim and John Arrigo, with 5901 Madison Avenue, Tamarac and 2250 North State Road 7, Margate (Getty, Arrigo Auto Group, Google Maps)

Investment firm tied to Baltimore Ravens owner buys South Florida car dealerships for $91M

Investment firm tied to Baltimore Ravens owner buys South Florida car dealerships for $91M
Vizcaya Villas at 10011 South Nob Hill Circle, Newmark Knight Frank’s Tal Frydman, Avery Klann, Hampton Beebe

Symphony Residential nabs apartment complex near Sawgrass Mills

Symphony Residential nabs apartment complex near Sawgrass Mills
4402-4678 North University Drive, Todd Nepola

Miami Beach parking lot mogul sells retail center in Lauderhill for $13M

Miami Beach parking lot mogul sells retail center in Lauderhill for $13M
Tal Frydman with Hamlet Plantation and The Continental Apartments (Credit: Hamlet via Jenco Properties)

Prism Multifamily Group buys apartments in Tamarac, Plantation for $54M

Prism Multifamily Group buys apartments in Tamarac, Plantation for $54M
The shopping center in Tamarac (Credit: Google Maps)

Tamarac retail center sells for $14M

Tamarac retail center sells for $14M
One Sotheby’s names SVP of marketing

One Sotheby’s names SVP of marketing

One Sotheby’s names SVP of marketing
4200 Northwest 19th Street and Code Capital Managing Partner Jared Remington (Credit: Google Maps and LinkedIn)

Code Capital snags affordable housing complex in Lauderhill for $45M

Code Capital snags affordable housing complex in Lauderhill for $45M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...