PEMBROKE PINES, Fla., Oct. 24, 2019 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Palm Square, a 77,621-square-foot shopping center in Pembroke Pines, Florida. The sales price is $20.475 million.
“Palm Square is a service-oriented, unanchored retail strip center that at the time of the sale was 96% occupied by free-standing national tenants and prominent inline lessees,” said Jean-Baptiste Ramet of Marcus & Millichap’s Miami office. “The property is positioned within a thriving Broward County submarket just two blocks from the Pembroke Pines City Center and in the midst of newly completed and proposed multifamily, retail and mixed-use development.” Palm Square has more than 600 linear feet of prime retail frontage along Pines Boulevard, a main retail corridor and over 160,000 people live within a three-mile radius. Tenants include Dunkin’ Donuts, Sherwin-Williams, and Goldfish Swim School. The property was built in 1987 on eight acres.
Ramet, Kirk D. Olson, and Drew A. Kristol, IPA senior directors, represented both the seller, Bar Invest Group, a Miami-based private investment group led by Herve Barbera that manages a growing multifamily and commercial portfolio of properties across the United States and the buyer, Aventura-based Galium Capital. Galium manages over $350 million of commercial property comprised of multifamily, office, and retail product across different national markets. Palm Square is their second retail acquisition in Florida after The Shoppes at Lake Mary, located at 101 N. Country Club Drive, purchased in early 2018.
“Palm Square is a true service-oriented neighborhood retail center located in one of the most sought-after markets in South Florida,” commented Jacques Bessoudo of Galium Capital. “Buying un-anchored ‘e-commerce proof’ retail assets in sound markets is an investment thesis we feel strongly about, and we are very excited about this latest acquisition.”
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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.