Fort Lauderdale, FL – May 7, 2013 – (RealEstateRama) — CBRE arranged the sale of Charles Plaza, a 46,058 square foot unanchored multi-tenant retail center. The buyer, S17TPA Corp. and ABC Development, Inc., purchased the property for $5,625,000 from MCCS-1, LLC, a Florida-based private investor who hired CBRE to market the asset for sale and negotiate the transaction.
Located at 5426 N. University Drive in Lauderhill, the property is just south of the intersection of Commercial Boulevard and University Drive in northwestern Broward County, adjacent to the Babies R Us Plaza and across the street from Super Target. The shopping center has been operating since 1985 with a mix of local and national retail tenants, including Rent-A-Center, Mike’s Big & Tall, and Domino’s Pizza among others.
“The market for B and C quality retail centers has heated up dramatically over the past nine months. Demand is very strong from private capital for these opportunities as investors are seeking yield and are comfortable that leasing fundamentals are improving,” said David J. Donnellan, First Vice President with CBRE.
Within the multi-tenant retail sector, Dave Donnellan and Todd Weintraub have recently completed assignments including the sale of Sea Ranch Centre in Sea Ranch Lakes, AT&T Plaza in Deerfield Beach, and Groves at Royal Palm in Royal Palm Beach. Based in Fort Lauderdale, Donnellan and Weintraub are part of CBRE’s Private Capital Group focusing on the disposition of shopping centers in South Florida and single-tenant net-leased properties throughout the state.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
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