Pompano Retail Center Changes Hands in $30M Deal
The 126,928-square-foot asset anchored by Publix and completed in 1973 was 100 percent leased at the time of the transaction.
By Mihaela Coste
Pompano Plaza in Pompano Beach, Fla.
Pittsburgh-based ECHO Realty, in a joint venture with Publix, has recently acquired Pompano Plaza, a 126,928-square-foot Publix-anchored center located in Pompano Beach, Fla. The asset traded for $29.6 million, or $233 per square-foot.
Cushman & Wakefield’s Miami investment sales team led by Mark Gilbert, Adam Feinstein and Mitchell Halpern represented the seller, Pompano Plaza Ltd. The acquisition grows ECHO’s Publix-anchored portfolio in Florida to five centers. The company will hold the leasing, management and operational responsibilities for the shopping center.
Located on a 9-acre site at 1405 S. Federal Highway, at the intersection of State Federal Highway and E. McNab Road, the asset built in 1973 underwent major renovations in 2006 that demolished a portion of the former building to accommodate the 45,600-square-foot Publix supermarket. In 2010, a bank outparcel building was added. The center serves a mature, affluent and densely populated trade area, the traffic count at the intersection being of approximately 58,500 vehicles per day.
Pompano Plaza was 100 percent leased at the time of the transaction. The tenant roster includes Publix, Marshalls, Office Depot, Tuesday Morning, Dunkin Donuts, and Chase Bank.
“Interest in this offering was exceptional based on the strong anchor tenant draw and location along Federal Highway in a prime South Florida trade area,” said Feinstein in a prepared remark. “Retail assets along Federal Highway in eastern Broward County are highly coveted by investors given the area’s high barriers to entry, superior demographics in terms of population density and income levels, and solid retail fundamentals as evidenced by strong retail sales, high historical occupancy rates and consistent rental rate growth.”
“In addition to the exceptional location, we were drawn to this opportunity by the anchor combination offered by Publix and complementary national anchor stores,” said Thomas Karet, CEO of ECHO Realty, in a prepared statement.
Image courtesy of ECHO Realty
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