MIAMI—Pompano Marketplace, a 239,200 square-foot shopping center in Pompano Beach, FL, has traded hands. The sale price was $29.7 million.
Located at 1255 South Federal Highway in Pompano Beach, a joint venture between Des Moines, IA-based Principal Global Investors and Boca Raton, FL-based Woolbright Development purchased the asset. The seller originally acquired the asset in 1989.
“Pompano Marketplace's location, strong tenant lineup and below replacement cost pricing attracted a wide variety of investors,“ says Dennis Carson, senior vice president with CBRE's National Retail Investment Group. Carson and Casey Rosen, also a senior vice presidents, handled the transaction for the seller.
Pompano Marketplace is in a dense, in-fill trade area of eastern Broward County and anchored by a Walmart Neighborhood Market, Stein Mart, Bealls Outlet and Jo-Ann Fabric and Craft Store. The property is 90% leased.
“This was a very solid investment for our client. They were able to increase income and improve the tenant mix during their ownership,” Carson says. “At the same time, similar opportunities continue to exist for the buyer.“
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