FORT LAUDERDALE, FL—Kmart shoppers in Oakland Park could soon become Walmart shoppers. That’s because Walmart has snapped up two contiguous parcels of land Kmart currently occupies for $11 million.
Douglas Mandel, a vice president investments at Marcus & Millichap’s Fort Lauderdale office, along with associate Alan West, represented the seller, a local property owner. Oakland Park is in the Miami-Fort Lauderdale-Pompano Beach
“Kmart has less than five years left on its lease,” Mandel tells GlobeSt.com. “Walmart can either take over the existing box or redevelop the property, which is in an attractive eastern Broward infill location.”
The 110,989-square foot Kmart retail discount center is located at 670 East Oakland Park Blvd. Constructed in 1962, the 13.3-acre Kmart property is above-grade with all utilities in place. The site is already zoned and for all intents and purposes, is shovel ready for retail, office and/or multifamily redevelopment.
“This was a competitive deal, heavily sought after by developers because of the opportunity to redevelop it for retail or mixed use,” Mandel says. “We had interest from some of the multifamily developers on the site, which butts up against the affluent Wilton Manors market.”
Overall, Mandel reports an uptick in retail trades in Broward County. He credits that to improving fundamentals, space-seeking tenants, and growing investor confidence in the economic recovery. Says Mandel: “While this deal was an all-cash deal, lenders are embracing retail deals again.”