{"id":1004334956,"date":"2019-06-28T02:00:00","date_gmt":"2019-06-28T10:00:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004334956"},"modified":"2019-06-28T02:02:27","modified_gmt":"2019-06-28T10:02:27","slug":"fort-lauderdale-shopping-center-sells-for-39m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/fort-lauderdale-shopping-center-sells-for-39m\/","title":{"rendered":"Fort Lauderdale Shopping Center Sells for $39M"},"content":{"rendered":"
\"Riverbend<\/a>

Riverbend Marketplace Phase II. Image courtesy of Marcus & Millichap<\/em><\/p><\/div>\n

Northbridge Investment Management has acquired Riverbend Marketplace Phase II, a Class A, 103,452-square-foot regional shopping center in Fort Lauderdale, Fla. Gatlin Development Co. sold the asset for $38.5 million. The property is shadow-anchored by Riverbend Marketplace Phase I, Walmart\u2019s first Supercenter in Fort Lauderdale. Marcus & Millichap represented the seller in the transaction and procured the buyer.<\/p>\n

Located at 2510-2670 W. Broward Blvd., one block west of Interstate 95, the retail center is roughly 2 miles west from downtown Fort Lauderdale and 3 miles north from Interstate 595 and Port Everglades Junction. Fort Lauderdale-Hollywood International Airport is within a 15-minute drive of the property.<\/p>\n

Built between 2017 and 2018 on a 14.5-acre site, the shopping center was 91.5 percent leased at the time of the sale. Wawa and McDonald\u2019s, both having frontage on West Broward Boulevard, have signed 20-year ground leases. Tenants with new 10-year leases include Marshall\u2019s, Planet Fitness, Five Below and DTLR. The regional mall serves a population of more than 157,000 residents within a 3-mile radius, with an average household income of more than $56,000.<\/p>\n

Marcus & Millichap\u2019s Brett Chetek, senior managing director of investments in the company’s Miami office, along with Associates Alex Perez and Chris Garavaglia, worked on behalf of the seller and procured the Canada-based buyer in this transaction.<\/p>\n

In April, a 158,500-square-foot retail asset traded<\/a> approximately 15 miles southwest from Riverbend Marketplace. The grocery-anchored shopping center commanded $37.5 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

Marcus & Millichap represented both parties involved in the deal. Walmart\u2019s first supercenter in the city shadow anchors the Class A, 103,452-square-foot regional mall. <\/p>\n","protected":false},"author":870,"featured_media":1004334965,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,1492,21742,21749],"tags":[46124,34836,46121],"class_list":["post-1004334956","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-miami","category-latest","category-retail","tag-gatlin-development-co","tag-marcus-millichap","tag-northbridge-investment-management"],"acf":[],"yoast_head":"\nFort Lauderdale Shopping Center Sells for $39M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/fort-lauderdale-shopping-center-sells-for-39m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fort Lauderdale Shopping Center Sells for $39M\" \/>\n<meta property=\"og:description\" content=\"Marcus & Millichap represented both parties involved in the deal. 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