Promenade Shoppes
Closed7910 W McNab Rd, North Lauderdale, FL 33068
Property type
Retail
Unit / Space count
1
Price
$13,575,000
Building size
39,650 sf
Rentable area
39,650 SF
Year built
2018
Year renovated
Occupancy
Zoning code
Lot size
4.46 Acres
Sold/status
Sold · Date unknown
Sale price
$13575000
CAP
6.41%
Property description
Promenade Shoppes and a 3-Tenant Outparcel in North Lauderdale, Florida. This is a rare opportunity to acquire the fee simple interest in a multi-tenant shopping center and a 3-tenant outparcel (available together or separately) sitting on a combined 5.61 acres of land (4.46 Acres and 1.15 Acres, respectively) in prime Broward County, Florida. Promenade Shoppes is a 39,650 SF shopping center that was recently completed in 2018. It is anchored by SunSouth Health Center, T-Mobile, Cricket Wireless, and Sarku Japan, along with several other strong regional tenants that service the surrounding neighborhoods and residents. Promenade Shoppes is 100% occupied, with tenants on triple-net (NNN) leases, many of which have over 7.5 years of term remaining as well as 5-year option(s) and 3% annual increases. The 5,900 SF 3-Tenant Outparcel is currently occupied by an AT&T and a La Brasa Restaurant, each with over 10 years left of the lease term and 3% and 2% annual increases, respectively. The available 2,200 SF provides immediate upside for an investor to capture additional income by leasing the space that benefits from excellent visibility and frontage along West McNab Road – privy to 47,000+ Vehicles Per Day. Located at the signalized intersection of West McNab Road and Avon Lane, these properties also profit greatly from the robust customer base that is drawn in by the Walmart Supercenter and neighboring outparcels such as Burger King, Mattress Firm, AutoZone, and Spin Car Wash. The North Lauderdale Submarket and immediately surrounding area continues to develop and expand at a rapid rate, with several nearby multifamily, hospitality, and retail developments in progress and healthy upward-trending demographics. Promenade Shoppes and the 3-Tenant Outparcel (available together or separately) present a savvy investor with the ability to benefit from this stable and steady income stream in a tax-free state, together with the potential for some immediate upside through the leasing of the current available space. The brand new construction with resilient tenancy and an enviable location within the core of Broward County make this opportunity a reliable and steadfast investment.
Property highlights
- Franklin Street represented the seller in the sale of a 39,650 SF Shopping Center "Promenade Shoppes" shadow-anchored by a Corporately Owned Walmart Supercenter.
- Procured Buyer at a price of $395,000 over list price.
- Shopping Center is fully occupied with 17 tenants, including SunSouth Health Center, T-Mobile, Cricket Wireless, and Sarku Japan, with several other strong regional tenants that service the surrounding area.
- Situated in the Heart of Broward County with Excellent Exposure, Signage, and Access Along West McNab Road - Traffic Counts Exceeding 47,000 Vehicles Per Day.
- Located Minutes from the Florida Turnpike - a Major North/South Thoroughfare with Traffic Counts of over 123,000 Vehicles Per Day.