Plantation Square, located at 1731 N. University Drive, was built in 1979. Tenants include a Denny's outparcel building, Japan Inn, Nutrition Depot, Glidden Paints, Delta Airlines and Continental Airlines. The center was 98% occupied at the time of the sale.
"The seller thought, given the current market conditions, it is a good time to be a seller and maximize returns," William R. Strauss, a broker involved in the transaction, tells GlobeSt.com.
The new owner doesn't have any major changes planned for the property, which is intended to be a long-term investment, Strauss says.
Strauss, David J. Donnellan and Richard Tarquinio, retail investment advisers of CB Richard Ellis, represented National Re/Sources and were the only brokers in the transaction.
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