Three Broward County retail plazas have sold in seprate deals.
Lyons Plaza, an 80,000-square-foot center along Lyons Road in Coconut Creek, traded for $5.8 million.
Boca Raton-based Southern Management and Development represented the seller, Lyons Plaza PArtners Ltd. The buyer was Lyons Plaza Coconut Creek I LLC. The plaza at 1301-1509 Lyons Road was built in 1986.
The two other centers, both unnamed, are in Fort Lauderdale. A 25,000-square-foot property at 4300 N. Federal Highway sold to HAZ Real Estate Investment, a Toronto investor, for $6.2 million.
The second center, at 2121 N. Federal Highway, is 12,300 square feet. Boston Trader 2121 LLC paid $6.1 million.
Both Fort Lauderdale centers have a variety of small retailers but no anchor tenants. The Franklin Street firm arranged the deals.
“There’s significant investor demand for multitenant, unanchored retail centers in South Florida,” Franklin Street‘s Greg Matus said in a statement. “Rising rents and the low cost of capital are driving the market at the moment.”
