FORT LAUDERDALE, FL—Weston Road Shopping Center, a 105,929-square-foot retail center located at the southern entrance to the city of Weston, FL has traded hands. Institutional investor Game Properties sold the retail asset for $32.25 million.
The retail center is located at 4410 Weston Road in Davie, FL. The CBRE team representing the seller included Dennis Carson, David Donnellan, and Casey Rosen.
“Investor interest was very strong and came from a variety of institutional capital sources including several REITs and pension fund advisors,” says Carson, senior vice president in CBRE's National Retail Investment Group. “Fueling this interest was the property's superior location at the southern entrance to Weston, which is generally viewed as one of the nation's premier planned residential communities and one of South Florida's strongest, highest barrier retail submarkets.”
Built in 1999, the Weston Road Shopping Center is located on what CBRE calls the “going home” corner of Weston Road and Griffin Road. Office Depot and AC Moore anchor the center, which is nearly 98% leased. Other national and regional non-anchor tenants include Sprint, Dunkin Donuts, AT&T, Pinch-A-Penny, Honey Baked Ham, and T-Mobile.
“The Office Depot anchor space creates a potentially compelling re-tenanting opportunity in the future given Office Depot's transition to smaller store formats,“ says CBRE first vice president Donnellan. “Buyers were also was attracted to the fact that the property had among the lowest average rents in the Weston area, which should drive long-term income growth potential.”
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