WESTON, Fla., Aug 2, 2019 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the exclusive listing for sale of Waterway Shoppes of Weston, a 36,000-square-foot shopping center in Weston, a master-planned suburban community in Broward County, Florida. The price is $20.65 million.
“Weston is unquestionably one of South Florida’s strongest retail submarkets,” said Kirk Olson, IPA senior director. “It’s an attractive and affluent area with a historical average occupancy rate of more than 95 percent and virtually no remaining land available for retail development.” Olson and Drew A. Kristol, IPA senior director are representing the seller, a Miami-based private investor.
“Waterway Shoppes has a diverse mix of internet-proof tenants, including restaurants, a beauty salon, a wireless store, professional services, fitness and healthcare businesses,” added Kristol. “Fifty-eight percent of the space is occupied by national or regional tenants that occupy small shop space ranging from 980 square feet to 6,000 square feet.”
The shopping center is located on the signalized corner of Weston Road and North Commerce Parkway, one block from the Interstate 75 exit ramp at Royal Palm Boulevard. Weston is a densely populated, family-oriented community with an average annual household income of $144,000 and one of the state’s best public education systems. Major employment centers include the Weston Park of Commerce, the Meridian Business Campus, the Cleveland Clinic Florida, and Miami Children’s Hospital. The center has outdoor seating for its restaurant tenants along a waterfront boardwalk in front of a small lake, abundant parking and a new roof that was installed in 2015.
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About Institutional Property Advisors (IPA)
With a network of senior-level investment advisors located throughout the United States and Canada, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios. www.institutionalpropertyadvisors.com.