The Real Deal Miami

Nightingale Properties trades Pompano shopping center for $28M

Price breaks down to nearly $227 per square foot, excluding outparcels
By Sean Stewart-Muniz | May 06, 2016 05:15PM

The Palm Aire Marketplace

The Palm Aire Marketplace

An affiliate of Nightingale Properties just sold the Palm Aire Marketplace in Pompano Beach to investors for $28.25 million.

County records show Nightingale sold the shopping center at 277 South Pompano Parkway and four outparcels to a company called Pompano U.S.A Realty, which is managed by Miami accounting firm Guzman & Guzman.

The true buyer is unknown, but state corporate records show the company was at one time managed by an Argentinian named Cesar Halpern.

Palm Aire’s four outparcels are located at 281 South Pompano Parkway, 1 Southwest 26th Avenue, 21 South Pompano Parkway and 101 South Powerline Road. They’re occupied by a mix of bank, restaurant and retail tenants.

The neighborhood shopping center was built in 1998 and is anchored by Winn-Dixie. Its tenant mix includes retailers like RadioShack, the UPS Store and eateries like It’s All Greek to Me and Rotelli Pizza & Pasta.

Measuring 124,545 square feet, it was last sold to Nightingale in 2012 for $19.92 million, or just under $160 per square foot. This most recent sale breaks down to roughly $227 per foot excluding the outparcels.