DEERFIELD BEACH, FL—The multi-tenanted Shoppes at Independence Bay at 1101 South Powerline Road here has been sold for $3.13 million.
Townsend Square, LLC, an entity owned by locally-based commercial real estate development, investment and management firm Rosemurgy Properties, sold the unanchored 15,084-square-foot retail center to Village Square Plaza, Inc., a 1031 exchange investor. The deal was announced by CBRE.
David Donnellan and Todd Weintraub of CBRE managed the sale and were the sole brokers in the transaction.
The property is located just south of the intersection of Powerline Road and S.W. 10th Street in northeastern Broward County. The shopping center is 100% leased with a mix of local and national retail tenants, including Subway and Dunkin' Donuts and others.
“The market for B/C quality retail centers has heated up dramatically over the past 18 months,” states Donnellan, first vice president with CBRE. “Demand is exceptionally strong for well-located unanchored centers with a mix of national tenants under the $5 million price level. In this case, we were able to secure a 1031 exchange investor for the seller.”
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
