Marcus & Millichap’s Douglas K. Mandel, Elon D. Gerberg Represent Buyer In Purchase Of Fort Lauderdale Retail Property

Sep 08, 2019 No Comments by
Douglas K. Mandel

Mandel

Marcus & Millichap Senior Managing Director and Institutional Property Advisors (IPA) senior director Douglas K. Mandel and Associate Elon D. Gerberg, represented the buyer, a private investor with international ties, in the purchase of PMG Plaza, a ±38,334-square-foot retail property located at 1101 North Federal Highway in Fort Lauderdale, just north of Sunrise Boulevard.

The retail asset was purchased for $15,840,000.

Elon D. Gerberg

Gerberg

PMG Plaza features 500 feet of direct frontage on Federal Highway, Fort Lauderdale’s premiere retail corridor and provides the new owners with a wide array of development opportunities with B-1 Zoning. Marcus & Millichap’s Howard Bregman, First Vice President / Director National Retail Group along with Joseph Granteed, Associate, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The property was fully occupied at the time of the sale, which closed August 30.

 

“With significant upside in rents, the buyers saw this as an opportunity to immediately raise the income with long term plans of potentially redeveloping the asset as the path of progress continues to expand northward along US-1,” explained Gerberg.

PMG Plaza

Mandel and Gerberg have been very active in the retail sector in 2019.  Recently, they brought several retail properties to market, including:

 

  • Dadeland North, located at 6603-6661 S Dixie Hwy., Miami, FL – a ±33,000-square-foot retail plaza located one block North of the Dadeland Mall where the Snapper Creek Expressway meets S Dixie Hwy (US-1).  It is anchored by a Starbucks and an MD Now along with several other national inline tenants.   Mandel and Gerberg, along with colleague Robert Granda, are awarding the property for just over $1,000 a square foot.

 

  • Starbucks Center, located at 127 N Dixie Hwy., Lake Worth, FL – a newly-constructed 8,800-square-foot, 4-tenant retail plaza situated at the gateway to downtown Lake Worth between Lucerne and Lake Ave. along North Dixie Hwy (US-1).  The tenants include a drive thru Starbucks, T-Mobile, and a local medical tenant and nail salon.  The team has the asset out to market at a 5.0% cap, which is $2,628,000.

 

  • Holy Cross, located at 1309 S Federal Hwy. in Fort Lauderdale, FL – a 7,887-square-foot single tenant, net leased medical center in Fort Lauderdale located between 17th Street and the tunnel (SE 13th Street) along US-1 (Federal Hwy.).  It is listed at $4,200,000 and Mandel and Gerberg expect to award the asset close to list price in the coming days.

 

Mandel and Gerberg also plan to launch two retail properties later this month:

  • University Village, located at 2020 W Pensacola Street in Tallahassee, FL –  a ±150,000-square-foot retail plaza near the Florida State University campus.

 

  • Royal Plaza, located at 200-650 Royal Palm Beach Blvd. in Royal Palm Beach, FL – a 98,000-square-foot value add retail property along the NE corner of Royal Palm Beach Blvd and Southern Blvd.

 

 

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Broward County Retail, Industry News, Retail
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