Institutional Property Advisors Brokers $23.75 Million Retail Portfolio Sale in Broward County
LAUDERDALE LAKES, Fla., Dec. 21, 2022 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of the Oakland + Lakes Retail Portfolio, two neighborhood retail centers located on 14.2 acres in Lauderdale Lakes, Florida. The assets sold for $23.75 million.
“The portfolio’s nearly 30% vacancy, below-market rents, and Opportunity Zone location provide our with buyer with immediate upside potential,” said Douglas K. Mandel, IPA executive managing director. Mandel and Marcus & Millichap’s Tyler S. Kuhlman had the exclusive listing to market the portfolio on behalf of the seller and procured the buyer, a Florida-based private investor. “On the market for the first time since being developed between 1977 and 1985, the centers are primary retail destinations for local residents of Lauderdale Lakes,” continued Mandel. “The diverse mix of local and national businesses provides a ‘one-stop shop’ for customers.”
The properties are Oakland Shopping Center and Lakes Medical Center. Both have excellent frontage and visibility on N State Road 7/U.S. Route 441. The centers are located a half-mile from Commercial Boulevard, one mile from the Florida Turnpike, and close to Interstate 95. Fort Lauderdale Executive Airport is three miles away and Downtown Fort Lauderdale is nearby. Tenants at the centers include United Surgical Partners International, Dollar General, Progressive Insurance, the Florida Department of Health, Silver Pond, Pathways Academy, Puppy Universe and Oriental Food Market.
# # #
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.