X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.