SVN | Commercial Partners (SVNCP) Retail Office and Industrial Team Leader Elon D. Gerberg represented both the buyer and seller in the sale/purchase of Coral Gate Plaza, a ±10,830-square-foot retail property located at 2333 N State Rd 7 in Margate.
KLIN US FL1 LLC purchased the asset from NND Capital LLC for $2,050,000 or $189 per square foot. The purchase price is more than double its previous sale price in 2016, which speaks to the current strength of the market. The deal closed February 25.
“We are seeing an influx of flight capital entering the South Florida market,” commented Gerberg, who heads the ROI Partners group along with his partner Adam H. Klein. “Due to a lack of quality investment opportunities, this was an extremely competitive deal. We awarded the deal to a foreign national group. This buyer saw this as an opportunity to own a well-maintained property on a high traffic corridor in a rapidly expanding market.”
The fully-occupied retail plaza features 138 feet of frontage along North State Rd 7 (US Highway 441), benefiting from a daily traffic count of over 52,000 vehicles. Recent capital expenditures including a new roof and HVAC replacements, repaved and striped parking-lot, and LED lighting throughout.
“This is another impressive transaction from our ROI Experts,” commented Managing Director Scott R. Maesel. “As we continue to grow into South Florida with our new Miami Office, we expect this team to continue its success.”