Franklin Street arranged the sale of a 33,168-square-foot multi-tenant retail center in the Lauderhill submarket of Fort Lauderdale for $3.1 million. The sales price for the Grand Cypress Plaza is equivalent to $93 per square foot. Franklin Street’s Robert Granda and Greg Matus listed the property for the seller, Game Properties. The buyer, ABC Construction, owns two other open-air shopping centers nearby.
“The buyer was able to add a third well-located, value-add property into his local portfolio with a plan to sink significant dollars into rehabbing and modernizing the property,” said Granda, a director of retail investment sales in Franklin Street’s Fort Lauderdale office. “With those improvements, he creates an opportunity to reposition the asset within the local market and attract more shoppers to the plaza.”
Built in 1988, the Grand Cypress Plaza is located on a three-acre site at 5101-5145 N. University Drive close to major traffic arteries and expressways. The surrounding area boasts many large brand name retailers including Super Target, Ross, Starbucks, Toys R’ Us, PetSmart and Publix.
Granda said investor appetite for neighborhood retail properties should remain strong throughout 2018, even though the nature of shopping has changed dramatically thanks to the internet.
“Those landlords who are willing to think out of the box and reconfigure their tenant mix should fare well,” said Granda. “They need to attract retailers who can offer unique services and experiences, not just products that consumers can readily buy cheaper online. ‘Experiential retail’ is the future and we should see the concept kick into high gear next year.”
With this latest closing, Franklin Street’s retail investment sales team has transacted more than $23 million in total value in South Florida during 2017.
About Franklin Street: Celebrating more than 10 years in the business, Franklin Street is a family of full-service commercial real estate companies focused on delivering value-add solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Real Estate, Capital, Insurance, Management and Valuation – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com.
