SVN | Commercial Partners (SVNCP) Retail Office and Industrial (ROI) Team Leaders Adam H. Klein and Elon Gerberg, along with Associate Advisor Cleveland Sainpreux, negotiated the sale of a ±16,034-square-foot retail plaza located at 945-951 W Sunrise Boulevard in Fort Lauderdale.
PIC N PAYLESS #3 INC % PIC N PAY SUPERMARKET INC sold the asset for $3,400,000, or $212 per-square-foot at a 5.6% cap rate.
Klein and Gerberg represented the buyer, Brickbox Management LLC, in the transaction, which closed June 23.
“This transaction represents an opportunity to purchase in one of the most sought-after submarkets in South Florida near Flagler Village,” Klein said. “The property offered the buyer upside in rents, security of a national tenant, and the ability to reposition the asset in the future,” Klein continued.
“While investors are monitoring inflation, rising interest rates, and the rising costs of construction, we are seeing significant demand for well-located assets that can be acquired below replacement cost,” added Gerberg.
The multi-tenant plaza is anchored by Family Dollar.