PEMBROKE PINES, FL-A local affiliate of Boston-based Brookwood Financial Partners LP sold Flamingo Marketplace to PMAT Real Estate Investments LLC for almost $17.3 million, or nearly $126 per sf. The 137,158-sf community shopping center is 100% leased.
The property is located at the northeast corner of Pembroke Road and Flamingo Road, one mile south of the one-million-sf super-regional, enclosed Pembroke Lakes Mall. "The area surrounding the property has experienced a strong growth in population during the period of our ownership," says Thomas W. Brown, senior managing director and director of acquisitions for Brookwood.
The growth, along with the area's favorable demographics, he adds, "enabled us to fully lease the property and improve rental rates," which he declined to specify. "Given the current investment climate," he says, "it was an opportune time to sell." Representatives in the local-area office of CB Richard Ellis represented Brookwood in the sales transaction.
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