MARGATE, FL-Spiegel & Spiegel P.A. has sold the Shoppes at Margate for $7.2 million or $136.47 per sf. The community shopping center is located in a densely populated area at 300-366 S. State Road Seven.
The asset was built in the 1970s, and significant renovations, including replacement of the roof and air conditioning, took place in 2002. Barry Wolfe and Richard Matricaria of the Fort Lauderdale office of Marcus & Millichap were exclusive listing agents for the seller and also secured and represented the buyer, identified as Mida Commons LLC.
The price tag compares with an average price of $96.57 per sf for retail property sales throughout Broward County, according to a mid-2005 report from Miami Beach-based Terranova Corp., although the same report reports retail property sales in excess of $213 per sf. The average asking retail rental rate in the Coral Springs/Margate submarket of Broward is $18.35 per sf, according to Terranova data, up nearly 11.5% compared with an average of $16.46 per sf in mid-2004. The retail vacancy rate is 10.9%, down almost 12.3% from the same time a year ago.
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