Marcus & Millichap (NYSE: MMI), announced today the sale of 1301 North Palm Avenue, a 21,380-square foot retail property located in Pembroke Pines, Florida. The retail shopping strip sold for $5,200,000.
“This was a great opportunity for the buyer to acquire a deal below replacement cost with in place income of over a 6.5% cap rate with 10% vacancy. The Pembroke Pines submarket is a strong middle-class market with solid fundamentals,” said, Jonathan De La Rosa, first vice president investments. De La Rosa and Matthew Albregts, investment specialists in Marcus & Millichap’s Miami office, represented the buyer, Westar at Palm Plaza, a limited liability company.
1301 North Palm Avenue is located at 1301 North Palm Avenue. The property is located 10 miles from downtown Hollywood, Florida and near Hollybrook Gold and Tennis Club, Brian Piccolo Sports Park & Velodrome. The asset is in close proximity to major national retailers including Publix and Walgreens.
About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research, and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting, and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
