PEMBROKE PINES, Fla., Sept. 17, 2019 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the firm has been appointed as exclusive advisor for the sale of Palm Johnson Plaza, a 90,226-square-foot multi-tenant shopping center in Pembroke Pines, Florida. The price is $14 million.
“Palm Johnson Plaza is well positioned to provide a new owner with steady net- operating income growth and opportunities to add value over the long term,” said Jean-Baptiste Ramet of Marcus & Millichap’s Miami office. Ramet, Kirk D. Olson, and Drew A. Kristol, IPA senior directors, are representing the seller, a private investment group based in Miami.
The center is on Palm Avenue, just north of the intersection of Palm Avenue and Pines Boulevard, less than a half mile from Pembroke Pines City Center, a mixed-use development with plans for 445,000 square feet of retail and office space, a 350-unit hotel and over 1,400 residential units. There are more than 160,000 people within a three-mile radius of the center and the average household income is nearly $70,000. Anchored by a 31,547-square-foot Food Fair supermarket, Palm Johnson Plaza has 23 tenants, including a Planet Fitness gym, Cora Health and several well-established service-related businesses. Built in 1983, the property has received extensive improvements over the past three years, including a brand-new roof, new monument signs, a newly painted façade, and landscaping, lighting and visibility upgrades.
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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.