Cushman & Wakefield Negotiates $30M Sale of Pompano Plaza
Pompano Plaza
Mark Gilbert, Adam Feinstein and Mitchell Halpern Represented Pompano Plaza, Ltd. in the Disposition of the ±127,000-Square-Foot Publix-Anchored Community Shopping Center
POMPANO BEACH, FL, April 21, 2017 — Cushman & Wakefield announced today that it has negotiated the sale of Pompano Plaza, a 126,928-square-foot grocery-anchored shopping center in northeast Broward County.
The Miami-based investment sales team of Mark Gilbert, Adam Feinstein and Mitchell Halpern negotiated the disposition on behalf of Pompano Plaza, Ltd. Pittsburgh-based investor ECHO Realty acquired the asset for $29.6 million ($233 per square foot).
Pompano Plaza was developed in 1973 and significantly renovated in 2006 when a portion of the original structure was demolished and replaced with a new Publix store. A bank outparcel building was added in 2010. The plaza, which is anchored by Publix, Marshalls, Office Depot and Tuesday Morning, is 100 percent occupied.
"The seller has owned this asset for many years and positioned it for long-term success by replacing Service Merchandise with Publix in a brand new structure back in 2006," said Halpern. "Publix was a great complement to the existing Marshalls, creating a dynamic grocery/apparel anchor combination that generates significant customer traffic seven days a week, morning till night."
Located on a nine-acre parcel at 1405 South Federal Highway, Pompano Plaza sits at a signalized intersection with a traffic count of 58,500 vehicles per day. The center serves a mature, affluent and densely populated trade area with extremely high barriers to entry.
"Interest in this offering was exceptional based on the strong anchor tenant draw and location along Federal Highway in a prime South Florida trade area," said Feinstein. "Retail assets along Federal Highway in eastern Broward County are highly coveted by investors given the area's high barriers to entry, superior demographics in terms of population density and income levels, and solid retail fundamentals as evidenced by strong retail sales, high historical occupancy rates and consistent rental rate growth."
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients' ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.
Pompano Plaza Photo
Mark Gilbert Headshot
Adam Feinstein Headshot
Mitchell Halpern Headshot
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