PEMBROKE PINES, Fla., Feb. 28, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces it is the exclusive advisor for the sale of Palm Square shopping center, a 77,621-square-foot retail center in Pembroke Pines, Florida. The price is $20.65 million.
“Currently 96 percent occupied, Palm Square is a stabilized, service-oriented shopping center with strong in-place net operating income and aggressive annual rent increases in a growing Broward County submarket,” says Jean-Baptiste Ramet. “The center is less than 1,000 feet from the future Pembroke Pines City Center, a 100-acre mixed-use development with plans for 445,000 square feet of retail and office space, a 350-unit hotel and more than 1,400 residential units.”
Ramet, Kirk Olson, and Drew Kristol, senior directors, are representing the seller, a private investment group based in Miami.
Built in 1987 on eight acres, Palm Square has 600 feet of footage on Pines Boulevard, Pembroke Pines’ main retail corridor. Within a three-mile radius, the population is over 160,000 and the average annual household income is more than $65,000. The center includes free-standing national tenants Dunkin’ Donuts and KFC, and inline tenants such as Sherwin-Williams, Batteries Plus Bulbs and Fastsigns. The property was recently upgraded with new paint, landscaping and a new monument sign.