Broward Retail Center Fetches $13.5 Million

Nov 03, 2016 No Comments by

NGKF Capital Markets negotiated the $13.5 million sale of Stirling Town Center, a shopping center in the surrounding neighborhood of the new Monterra community, ranked a Top 10 Best-Selling Community in the Nation in 2012. The four-building retail center of approximately 53,857 square feet is situated on a 5.91 acre site at 8637-8861 Stirling Road in Cooper City, just west of the heavily trafficked Pine Island and Stirling Road intersection.

NGKF Capital Markets Executive Managing Director Michael Lapointe and Managing Director Michael Lohmann represented the seller, commercial mortgage special servicer LNR Partners, LLC, At the close of escrow, the building was at 92 percent occupancy, with several long-term tenants’ leases extending beyond 2025.

 

“The primary demand driver for this transaction is a continued appetite for long-term, stable income producing retail properties in South Florida. This transaction traded at a premium value due to having a great balance of in-place national tenants, as well as, upside through repositioning of smaller spaces with rents driven largely from the rise of Monterra and other major retailers opening locations in the vicinity of Stirling Town Center.”

Constructed in 2005, the property has recently undergone major capital improvements, which included all four roofs being replaced. Current tenants include a variety of strong national and regional, service-based retailers such as Subway, Tijuana Flats, Starbucks, Smoothie King, Cold Stone Creamery, Beef ‘O’ Brady’s and Aroma Kosher Market and Catering.

 

 

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Broward County Retail, Industry News, NA, Retail
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