FORT LAUDERDALE, FL—For all the talk about grocery-anchored shopping centers, South Florida’s retail market is attracting smaller investors willing to settle for strategic retail strips without big name brands. Such is the case with Pine Island Plaza.
“There was very strong demand from private capital for this asset, driven by the price point of under $5 million as well as attractive pricing around $100 per square foot,” says David J. Donnellan, first vice president with CBRE, who represented the seller. “The property is well positioned for the continued recovery in leasing market fundamentals.”
Located in Sunrise, FL, Pine Island Plaza is a 33,687-square-foot, unanchored multi-tenant retail/service center at 3511 North Pine Island Road. Pine Island Shoppes, an entity led by Benjamin J. Genet, purchased the property for $3.5 million. Pebb Enterprises Pine Island Ltd., owned by South Florida-based Pebb Enterprises, a commercial real estate development, investment and management firm, sold the retail asset.
The retail property is located just north of the intersection of Pine Island Road and Oakland Park Boulevard in western central Broward County. The shopping center is 81% leased with a mix of local service and retail tenants. Department of Children & Families and Lobster House restaurant are the key tenants.
Donnellan worked with Todd Weintraub on the deal. Based in Fort Lauderdale, the duo is part of CBRE’s Private Capital Group focusing on the disposition of multi-tenant shopping centers in South Florida and single-tenant, net leased properties throughout the state.