Canadian investment group pays $39M for Fort Lauderdale shopping center

Northbridge Investment Management bought the Riverbend Marketplace for $372 per square foot

Jun.June 14, 2019 12:30 PM
Riverbend Marketplace and Brett Chetek of the Chetek Group of Marcus & Millichap (Credit: LinkedIn and Gatlin Development Company)

Riverbend Marketplace and Brett Chetek of the Chetek Group of Marcus & Millichap (Credit: LinkedIn and Gatlin Development Company)

A Canadian investment group paid $38.5 million for a Fort Lauderdale shopping center next to a Walmart.

Toronto-based Northbridge Investment Management bought the 103,452-square-foot Riverbend Marketplace at 2400 West Broward Boulevard in Fort Lauderdale for $372 per square foot. Jacksonville-based Gatlin Development Co. sold the property.

The shopping center’s tenants include Marshall’s, Planet Fitness, Wells Fargo, Five Below, Wawa and McDonald’s.

Brett Chetek of the Chetek Group at Marcus & Millichap represented the seller and also procured the buyer.

Gatlin Development Co. bought the land for the Riverbend Marketplace and Walmart, and built the property between 2017 and 2019, according to Chetek. The shopping center is 95 percent occupied, he said.

Gatlin has primarily focused on the development of Walmart anchored shopping centers. The company has developed more than 7 million square feet of retail shopping centers valued at over $1 billion dollars, according to its website.

Northbridge owns a number of grocery-anchored retail centers, including the Kendall Pointe shopping center anchored by Aldi at 16500 Southwest 88th Street in Miami.

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