The property was 100% leased with 11+ years of WALT at the time of sale.
HOLLYWOOD, July 22, 2024 – Franklin Street Investment Sales announced today the sale of Shoppes at Monterra Commons, a 30,170-square-foot shopping center in Hollywood, Fla., for $18.5 million.
Franklin Street arranged the transaction on behalf of seller, a diversified company. The buyer is Melio Capital Partners, LLC.
Leading the successful transaction was Franklin Street’s Retail Investment Sales team led by Justin Walker, Greg Matus, Dan Dratch, Charlie Manuel and Kaylan Knitowski.
Shoppes at Monterra Commons is a newly developed, five-building complex that was completed in 2023. The development comprises a multi-tenant strip center, Culver’s ground lease, and two-single tenant properties, with national tenants including First Watch, The Learning Experience, Huey Maggo’s and Charley’s Cheesesteak. The transaction consisted of four of the five buildings, leaving an 18,000-square-foot strip center available for a future investor once lease up in completed.
This was a rare opportunity to purchase some of the newest constructed retail, located in one of the fastest-growing areas in Broward County.
Walker, Senior Director, expressed, “Monterra Commons a great example of a brand-new retail development located in one of the strongest submarkets in Broward County. Boasting 100% occupancy with a great mix of national tenants, our team saw significant interest in the opportunity; ultimately, we were able to identify a strong and local 1031 buyer looking to transition from multifamily into retail. This is a great sale for the South Florida market, and we are excited for all parties involved.”
Matus, Senior Vice President, added, “I am proud of our team on how we executed on this assignment at a high level. Our firm has been involved with this project since the land acquisition about a decade ago, and at the time of when it was sold to the developer six years ago. This is a prime example of the tailored approach we offer our clients at Franklin Street, and our ability to work with them throughout the entire lifecycle of the deal.”
Located at 3500-3900 N University Drive, the site is located a highly visible intersection which sees over 44,000 vehicles per day. Additionally, the property is surrounded by major national retailers, including Publix Supermarket, ALDI and Home Depot.
For interviews or media relations with Franklin Street’s Retail Investment Sales team, email our media contact Kimberly Mendoza at [email protected].
For more news, videos, and research resources, please visit Franklin Street’s Information Exchange.
About Franklin Street:
Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise, and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. With $10 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the firm has teams located in top markets throughout the country and works with owners and occupiers of commercial real estate nationwide. Learn more about Franklin Street at FranklinSt.com.
