FORT LAUDERDALE, FL—It's the newest retail center built in Cypress Creek—and at least one investor seemed to appreciate it. Uptown Centre, a 19,403-square-foot retail asset, just sold for $11 million.
Sky Beach Realty broker-owner Howard Berkowitz represented the buyer, 6300 Uptown Centre. 6300 Investments sold the retail center, which it built in 2013.
The deal is consistent with the 2014 trend of submarkets leading investment sales in Broward County. Market reports indicate that steady growth in rental rates, low vacancy rates, and growing interest among local and regional tenants have spurred demand from investors.
“This strategic acquisition was completed at a significant return for the buyer, which is notable given the property is fully leased to a majority of national, credit worthy tenants including MD Now, Chipotle, Jersey Mike's Subs, Giraffas Brazilian Restaurant, VooDoo BBQ & Grill, Saladworks, Blaze Pizza. and Rhino Doughnuts & Coffee,” says Berkowitz. “Uptown Centre's new construction and potential for long-term income stream from existing credit tenants make this a very attractive opportunity, especially given the high barriers to entry in adding new retail in the Cypress Creek area.”
Located at 6300 North Andrews Avenue in Cypress Creek, FL, Uptown Centre sits on the corner of one of Cypress Creek's most sought after intersections, West Cypress Creek Road and North Andrews Avenue. Shoppers have easy access to the shopping center from Interstate 95.
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