FORT LAUDERDALE FL—Sea Ranch Centre, a 98,697-square-foot neighborhood shopping center, has traded hands. Houston-based Weingarten Realty Investors snapped up the commercial real estate for $18 million from an affiliate of Palm Beach Gardens-based Kitson & Partners.

“Weingarten was interested in high quality in-fill real estate and was attracted to Sea Ranch Centre because it has significant barriers to future competition and some value creation potential,” says Casey Rosen, a senior vice president with CBRE in Miami, who represented the seller. “Sea Ranch Centre has a lengthy history of successful operation and a very strong Publix grocery store. The asset is likely to continue to perform well and this is what the buyer was seeking.”

Located on State Road A1A in coastal northeastern Broward County in the city of Sea Ranch Lakes, FL, the shopping center is one mile north of Commercial Boulevard and two miles south of Atlantic Boulevard. The retail asset was built in 1966 and renovated and partially redeveloped in 1996 and 2005. Anchors include a high volume Publix grocery store as well as a CVS Pharmacy and a new Dollar Tree.

Sea Ranch Centre is next to the exclusive, affluent, gated residential community of Sea Ranch Lakes and the bordering city of Lauderdale-by-the-Sea. According to CBRE, area residential neighborhoods are mature and include a dense mix of upper middle-income and affluent single-family homes, as well as luxury hi-rise ocean front condominiums and hotels.