MIAMI—Regency Lakes Plaza, a 7,250-square-foot freestanding retail building in Coconut Creek, FL, just traded for more than $200 per square foot. The sale price was $1.5 million.
Douglas K. Mandel, a first vice president of Investments, and Robert Granda, an investment associate, in Marcus & Millichap‘s Ft. Lauderdale office, had the exclusive listing to market the commercial real estate property on behalf of the seller. The seller is a limited liability company from Miami.
“The property was purchased by VCA Animal Hospital, a nationally recognized animal hospital which operates more than 600 animal hospitals in 42 states across the nation,” Granda says. “VCA is relocating from a location a few miles away and was attracted to the property due its condition, location on State Road 7, as well as the strength of the surrounding demographics.”
Originally built in 2000, Regency Lakes Plaza was completely renovated in November 2012. The commercial real estate is located within a strong retail corridor that’s home national tenants such as Publix, Bank of America, Walgreens, Mobil, Shell, and Firestone.
The retail plaza is minutes from the Seminole Hard Rock Casino Coconut Creek, which just completed an outdoor retail and restaurant expansion in February 2012. The casino has future plans to develop a hotel, convention space, and an outdoor spa/pool area.
“The city of Coconut Creek is experiencing a tremendous amount of growth due to the number of current and future developments in the area as well as the city’s central location to other affluent markets such as Boca Raton, Coral Springs, Deerfield Beach, and Parkland,” Granda says. Regency Lakes Plaza is located at 5619 Regency Lakes Boulevard in Coconut Creek, FL.