Brian DiRienzo, a principal with Delray Beach, FL-based Asset Growth Partners and Rafael Villamizar, managing director of Newmark Knight Frank, represented the buyer in the transaction. "The seller was an investor who had acquired the property to test the waters," DiRienzo tells GlobeSt.com. "He made a few million dollars on it and he only held it for a few years."

Chuck E. Cheese, which occupies 30% of the space, is the anchor tenant in the plaza which was constructed in 1989. The property was 100% leased at the time of the sale. The purchase price reflects a 7% capitalization rate. The acquisition was completed as part of a 1031 exchange. The buyer is starting a real estate company and plans to acquire several properties of various asset classes in the area. "This transaction clearly illustrates the sustained demand for well-located prime retail properties with investment grade tenants," says DiRienzo, in a prepared statement. "Pines Boulevard continues to undergo significant expansion and redevelopment west of University Boulevard."

The sale is reflective of a retail market that has been experiencing considerable strength. According to a CB Richard Ellis 1Q retail market report for South Florida, the Southwest Broward County retail market was experiencing a 1.4% vacancy rate at the end of 2006 with average asking rental rates of $23.58 per sf. "The market remains one of the premier retail investments locations in Florida," the report states. "Strong population growth in the western areas of Broward County has developers and retailers scrambling to keep up."