A shopping center in Pembroke Pines with a 96 percent occupancy rate is listed for sale with an asking price of $20.65 million.
The 77,621-square-foot Palm Square shopping center includes such in-line tenants as Batteries Plus Bulbs, Fastsigns and Sherwin-Williams and two tenants in freestanding restaurants, Dunkin’ Donuts and KFC.
Palm Square was built in 1987 on an eight-acre site with 600 feet of frontage on Pines Boulevard.
The shopping center’s location is within 1,000 feet of the 100-acre, mixed-use development Pembroke Pines City Center, which will have a 350-room hotel, more than 1,400 residential units and 445,000 square feet of retail stores and offices.
Within three miles of Palm Square is a population of 160,000 with an average household income in excess of $65,000.
Three senior directors of the Institutional Property Advisors division of brokerage firm Marcus & Millichap – Jean-Baptiste Ramet, Kirk Olson and Drew Kristol – are representing the owner of Palm Square, a private investment group based in Miami.
“Palm Square is a stabilized, service-oriented shopping center with strong in-place operating income and aggressive annual rent increases in a growing Broward County market,” Ramet said in a prepared statement. – Mike Seemuth