Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Commercial Retail Portfolio, a 19,126-square foot retail property located in Fort Lauderdale. The property sold for $4,750,000.
“There are several developments along the corridor including the redevelopment of Lockhart Stadium into Fort Lauderdale’s premier water park which is set to break ground the summer of 2019,” states Elon Gerberg, associate, in Marcus & Millichap’s Fort Lauderdale office.
Douglas K. Mandel, senior managing director investments, and Gerberg, both in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Alan Lipsky, vice president investments, Barry M. Wolfe, senior managing director investments, and Evan Whelan, associate, all in Marcus & Millichap’s Fort Lauderdale office.
“This was an opportunity to own a well-located retail asset with several national tenants. The property has a small 3,000 SF vacancy which provided the investor upside while owning a wealth preservation asset in a growing market,” continues Gerberg.
Commercial Retail Portfolio is located at 2400-2550 West Commercial Boulevard in Fort Lauderdale, FL. The property is comprised of three parcels consisting of a 2,000-square foot, two-suite retail center which is currently occupied by Jimmy Johns Gourmet Sandwiches and My Brother’s Cleaners; an 11,004-square foot, three-suite, automotive retail center; and a 6,122-square foot, three-suite, retail strip which is currently occupied by Moe’s Southwest Grill, Domino’s Pizza and AT&T Wireless.
About Marcus & Millichap (NYSE: MMI)
With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com