Institutional Property Advisors Closes Grocery-Anchored Shopping Center Sale in Broward County Florida
PLANTATION, Fla., Aug. 30, 2022 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Plantation Crossing, a 70,369-square-foot shopping center in Plantation, Florida. The property sold for $22.281 million.
“Located just east of Sawgrass Mills Mall in the heart of Plantation, this center is in one of the preeminent retail corridors in Broward County,” said Kirk D. Olson, IPA senior director. “We received multiple offers on the property from both institutional and private investors. The eventual buyer was attracted to the average lease term and the center’s strong tenant roster.” Olson, IPA’s Drew A. Kristol and Marcus & Millichap’s Barry Wolfe represented the seller, Weston, Florida-based Plantation Crossings LLC, and procured the buyer, Miami-based Azora Exan - USA.
“This deal represents another step in Azora Exan’s strategy to expand our retail property portfolio,” added Tomas Von Hartz of Azora Exan. “Not only in Miami, but throughout the country. It will grow our assets under management, with a focus on wealth preservation for our capital sources.”
Built in 1999 on seven-plus acres, Plantation Crossing is located just off Sawgrass Expressway, and is directly accessible from Interstate 595/the Port Everglades Expressway. The property has excellent frontage on, and is easily accessible from, heavily travelled West Sunrise Boulevard. Plantation’s population exceeds 100,000 and the city is home to approximately 5,400 businesses, including large employers such as Motorola Solutions, Aetna Insurance, Magic Leap, and Virgin Voyages. Sawgrass Mills Mall, which attracts 40 million visitors annually, and South Florida’s largest corporate office park, the 612-acre Sawgrass International Corporate Park, are nearby. In addition to ALDI and My Salon Suite, Plantation Crossing’s tenants include Sherwin Williams, Concentra Health, Fitness System and Family Eye Center.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.