{"id":1004173697,"date":"2017-04-21T01:53:32","date_gmt":"2017-04-21T09:53:32","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004173697"},"modified":"2022-12-09T02:30:40","modified_gmt":"2022-12-09T10:30:40","slug":"pompano-retail-center-changes-hands-in-30m-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pompano-retail-center-changes-hands-in-30m-deal\/","title":{"rendered":"Pompano Retail Center Changes Hands in $30M Deal"},"content":{"rendered":"<p>By Mihaela Coste<\/p>\n<div id=\"attachment_1004173699\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/Pompano-Plaza-Pompano-Beach-Fla..jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004173699\" data-attachment-id=\"1004173699\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/pompano-retail-center-changes-hands-in-30m-deal\/echo-realty-pompano-plaza\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/Pompano-Plaza-Pompano-Beach-Fla..jpg\" data-orig-size=\"1599,1236\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;ECHO Realty&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;ECHO Realty purchases Pompano Plaza in a joint venture with Publix.  Pompano Plaza, a 126,928 square foot Publix-anchored center is located at the intersection of State Federal Highway (US-1) and E. McNab Road in Pompano Beach, Broward County, Florida. (PRNewsfoto\/ECHO Realty)&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;This image must be used within the context of the news release it accompanied. Request permission from issuer for other uses.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;ECHO Realty Pompano Plaza&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"ECHO Realty Pompano Plaza\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;ECHO Realty purchases Pompano Plaza in a joint venture with Publix.  Pompano Plaza, a 126,928 square foot Publix-anchored center is located at the intersection of State Federal Highway (US-1) and E. McNab Road in Pompano Beach, Broward County, Florida. (PRNewsfoto\/ECHO Realty)&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/Pompano-Plaza-Pompano-Beach-Fla..jpg?w=1024\" class=\"wp-image-1004173699 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/Pompano-Plaza-Pompano-Beach-Fla..jpg\" alt=\"\" width=\"300\" height=\"232\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/Pompano-Plaza-Pompano-Beach-Fla..jpg 1599w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/Pompano-Plaza-Pompano-Beach-Fla..jpg?resize=300,232 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/Pompano-Plaza-Pompano-Beach-Fla..jpg?resize=768,594 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/Pompano-Plaza-Pompano-Beach-Fla..jpg?resize=1024,792 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/Pompano-Plaza-Pompano-Beach-Fla..jpg?resize=1536,1187 1536w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004173699\" class=\"wp-caption-text\">Pompano Plaza in Pompano Beach, Fla.<\/p><\/div>\n<p>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.<\/p>\n<p>Cushman &amp; Wakefield\u2019s Miami investment sales team led by Mark Gilbert, Adam Feinstein and Mitchell Halpern represented the seller, Pompano Plaza Ltd. The acquisition\u00a0grows ECHO&#8217;s Publix-anchored portfolio in\u00a0Florida to five centers. The company will hold the leasing, management and operational responsibilities for the shopping center.<\/p>\n<p>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.<\/p>\n<p>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\u00a0Chase Bank.<\/p>\n<p>\u201c<em>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,<\/em>\u201d said Feinstein in a prepared remark. \u201c<em>Retail assets along Federal Highway in eastern Broward County are highly coveted by investors given the area\u2019s 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.<\/em>\u201d<\/p>\n<p>&#8220;<em>In addition to the exceptional location, we were drawn to this opportunity by the anchor combination offered by Publix and complementary national anchor stores<\/em>,&#8221; said\u00a0Thomas Karet, CEO of ECHO Realty, in a prepared statement.<\/p>\n<p><em>Image courtesy of ECHO Realty<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 126,928-square-foot asset anchored by Publix and completed in 1973 was 100 percent leased at the time of the transaction.<\/p>\n","protected":false},"author":1192,"featured_media":1004173699,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1492,21742,21749],"tags":[34908,32996,33964],"class_list":["post-1004173697","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-miami","category-latest","category-retail","tag-cushman-wakefeld","tag-echo-realty","tag-publix"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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Pompano Plaza, a 126,928 square foot Publix-anchored center is located at the intersection of State Federal Highway (US-1) and E. McNab Road in Pompano Beach, Broward County, Florida. 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