SVN | Commercial Partners (SVNCP) Retail Office and Industrial Team Leader Elon D. Gerberg represented both the buyer and seller in the sale/purchase of Coral Gate Plaza, a ±10,830-square-foot retail property located at 2333 N State Rd 7 in Margate, Florida.
KLIN US FL1 LLC purchased the asset from NND Capital LLC for $2,050,000 or $189 per square foot. The purchase price is more than double its previous sale price in 2016, which speaks to the current strength of the market. The deal closed February 25.
“We are seeing an influx of flight capital entering the South Florida market,” commented Gerberg, who heads the ROI Partners group along with his partner Adam H. Klein. “Due to a lack of quality investment opportunities, this was an extremely competitive deal. We awarded the deal to a foreign national group. This buyer saw this as an opportunity to own a well-maintained property on a high traffic corridor in a rapidly expanding market.”
The fully-occupied retail plaza features 138 feet of frontage along North State Rd 7 (US Highway 441), benefiting from a daily traffic count of over 52,000 vehicles. Recent capital expenditures including a new roof and HVAC replacements, repaved and striped parking-lot, and LED lighting throughout.
“This is another impressive transaction from our ROI Experts,” commented Managing Director Scott R. Maesel. “As we continue to grow into South Florida with our new Miami Office, we expect this team to continue its success.”
About SVNCP: SVNCP is one of the fastest growing commercial real estate firms in South and Southwest Florida with 5 offices. The two operation’s primary market area now covers 8 Florida MSA’s including the Miami/Dade, Fort Lauderdale, Palm Beach, Naples, Fort Myers/Cape Coral, Charlotte County, Hendry County, Sarasota/North Port, and Bradenton markets. The team consists of about 30 advisors and support personnel that covers the spectrum of commercial estate. For more information, visit svncp.com.
About SVN: SVN, a commercial real estate brokerage firm founded in 1987and headquartered in Boston, is one of the industry’s most recognized and powerful brands based on the annual Lipsey Top Brand Survey and Commercial Property Executive Magazine. With more than 200 locations in 500 markets, SVN Commercial Real Estate Advisors provide sales,
leasing and property management services to clients worldwide. The Florida team consists of more than 250 advisors serving locations across the state. For more information on SVN, visit svn.com.
