South Florida Super Walmart Shadow-Anchored Shopping Center Sells For $38.5 Million

Jun 26, 2019 No Comments by

Marcus & Millichap announced the $38.5 million sale of Riverbend Marketplace Phase II, a 103,452-square-foot regional shopping center in Fort Lauderdale.

 

“The center has a lineup of diverse, service-oriented and e-commerce-resistant tenants, many of which are national retailers on long-term leases,” said Brett Chetek, senior managing director investments in Marcus & Millichap’s Miami office. “The property is shadow-anchored by Riverbend Marketplace Phase I, Walmart’s first ever Supercenter in Fort Lauderdale.”

Chetek, along with Marcus & Millichap associates Alex Perez, and Chris Garavaglia, represented the seller, Gatlin Development Co. and procured the buyer, Northbridge Investment Management. Ryan Nee, first vice president and district manager, is Marcus & Millichap’s broker of record in Florida.

Built in 2017-2018 on 14.5 acres near the intersection of Broward Boulevard and Interstate 95, the center is close to Fort Lauderdale’s central business district, Port Everglades, Interstate 595, Miami-Dade County and Palm Beach County. The property includes 20-year ground leases with Wawa and McDonald’s, both of which have frontage on West Broward Boulevard. Tenants with new 10-year leases include Marshall’s, Planet Fitness, Five Below, DTLR, and Jiffy Lube.

 

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Broward County Retail, Industry News, NA, Retail
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