Just days after announcing the sale of two Fort Lauderdale retail properties, Franklin Street has completed the sale of another neighborhood shopping center for $5.783 million in the city. Franklin Street Managing Partner, Greg Matus, and Investment Associate, Peter Crane, represented the buyer of the 40,409-square-foot Pinecrest Square located at 901 Cypress Creek Road.
The buyer is Pinecrest AP, a private real estate investor from the Northeast U.S. The seller is MPI/Pine Crest Square, Inc., an affiliate of Milestone Properties, which was represented by Marcus & Millichap.
The new owner has plans to make significant capital improvements to the property which is nearly 75 percent occupied. It has a mix of local and national tenants which include Subway, Jiffy Lube and 7-Eleven.
“By spending some money on improvements, this investor has an extraordinary opportunity to retain and attract higher paying tenants, and transform the property into a more valuable asset,” said Matus. “Rising rents and low interest rates are creating significant investor demand in shopping centers like Pinecrest Square.”
Last week, Franklin Street announced it had arranged the sale of two retail centers on Federal Highway between Oakland Park Blvd. and Commercial Blvd. for a combined price of $12.4 million.
About Franklin Street: Franklin Street is a family of full-service real estate companies 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 divisions—Real Estate, Capital, Insurance, and Management—Franklin Street offers unmatched value and optimal solutions for clients nationwide. For more information on Franklin Street, please visit FranklinSt.com.
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