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FORT LAUDERDALE, FL-The Publix at Laguna Isles shopping center here traded hands for $11.7 million when Houston-based Weingarten Realty Investors bought the 69,475-sf retail center, located on the northeast corner of Sheridan Street and Southwest 196th Avenue. The joint-venture sellers in the deal, which equals approximately $168.40 per sf, were Kimco Realty Corp. and Flagship Investments.

Publix is the neighborhood necessity strip center’s anchor tenant. Other tenants include Pinch A Penny, State Farm Insurance, Subway, Hair Cuttery, Dry Clean USA and Mailboxes, Etc. Built in 2001, the shopping center is 96.6% occupied and has 2,400 sf of space available.

Senior director Jim Michalak, a Cushman & Wakefield retail financial investment specialist in the company’s Tampa, FL, office, represented the sellers in the transaction. “Publix at Laguna Isles is positioned in a high-growth, affluent trade area,” Michalak says in a statement. The average household income in the area is more than $87,000, and the median housing values are greater than $220,000, he points out. “The asset features a full-line Publix grocery/pharmacy, rising rental rates and a strong, consistent cash flow.

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