FORT LAUDERDALE-Federal Management Group sold a 26,678-square-foot shopping center at 4300 N. Federal Highway here for $3.9 million to Middleburg, FL-based Gerig Group, managed by Craig Wagener. The sale closed on March 23.
Although the center has no big-name national tenants, it attracted substantial interest from investors, Wolfe says. He says the deal shows that well-located properties with a high occupancy rate are coveted even in the still-soft retail market.
"We felt [Gerig] was the buyer most likely to close and had the best understanding of the asset," Wolfe says.
Principals of Federal Management are not listed in state corporate records and Wolfe declined to identify them. Federal Management developed the property in 1977 and was the building's only owner.
The center is about 92% occupied by local mom-and-pop tenants, Wolfe said. Ferdos Grill, which serves Mediterranean/Middle-Eastern food, is the most prominent tenant at the center, which Wolfe describes as a "Class B or B plus" facility.
"A lot of the tenants have been there as many as 25 years," he says. "Given its age, the center is in excellent condition."
Wolfe and Zimmerman are vice presidents of investments in Marcus & Millichap's Fort Lauderdale office. Marcus brokers Jonathan Gerszberg, Drew Kristol and Kirk Olson represented Gerig in the deal.
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