Marcus & Millichap Inc.
11/07/2024 | Press release | Archived content
Marcus & Millichap Brokers $6 Million Sale of Retail Plaza in Pembroke Pines
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Marcus & Millichap Brokers $6 Million Sale of Retail Plaza in Pembroke Pines
November 07, 2024
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PEMBROKE PINES, Fla., Nov. 7, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Palm Plaza, a 22,284-square-foot retail center in Pembroke Pines, Florida, for $6 million.
"The Palm Plaza exemplifies strong investor demand for well-located, service-oriented retail assets. Limited retail space availability in Broward County has tightened the market, compressing the vacancy rate to 4.3%, below the five-year average of 4.8%," said Matthew Albregts, senior associate. "Our team implemented a comprehensive marketing strategy, including direct outreach to similar property owners, targeted email campaigns, and broad exposure through third-party sites. These efforts created a competitive bidding environment, generating eight offers. The winning buyer, a local investor seeking his final investment property, presented a compelling all-cash offer at closing."
Jonathan De La Rosa, Eddie Toledo and Matthew Albregts, investment specialists in Marcus & Millichap's Miami office, exclusively marketed the property on behalf of the seller, Westar At Palm Plaza LLC, and procured the buyer, a local private investor.
Palm Plaza, located at 1301-1481 N Palm Ave., is fully occupied and recently underwent renovations in 2023. The retail center spans 2.32 acres and features 14 retail bays with over 116 parking spaces. The tenant mix includes Domino's, Sushi Song, and State Farm. Situated within a thriving retail corridor, the plaza is near Broward College and Memorial Hospital Pembroke.
"The Palm Plaza exemplifies strong investor demand for well-located, service-oriented retail assets. Limited retail space availability in Broward County has tightened the market, compressing the vacancy rate to 4.3%, below the five-year average of 4.8%," said Matthew Albregts, senior associate. "Our team implemented a comprehensive marketing strategy, including direct outreach to similar property owners, targeted email campaigns, and broad exposure through third-party sites. These efforts created a competitive bidding environment, generating eight offers. The winning buyer, a local investor seeking his final investment property, presented a compelling all-cash offer at closing."
Jonathan De La Rosa, Eddie Toledo and Matthew Albregts, investment specialists in Marcus & Millichap's Miami office, exclusively marketed the property on behalf of the seller, Westar At Palm Plaza LLC, and procured the buyer, a local private investor.
Palm Plaza, located at 1301-1481 N Palm Ave., is fully occupied and recently underwent renovations in 2023. The retail center spans 2.32 acres and features 14 retail bays with over 116 parking spaces. The tenant mix includes Domino's, Sushi Song, and State Farm. Situated within a thriving retail corridor, the plaza is near Broward College and Memorial Hospital Pembroke.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.