Retail Center with Great Redevelopment Potential Hits the Market in Fort Lauderdale
FORT LAUDERDALE, Fla., Feb. 20, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the exclusive listing for sale of PMG Plaza, a 38,334-square-foot retail center in Fort Lauderdale, Florida. It is being marketed unpriced.
“PMG Plaza offers investors the opportunity to acquire a tremendously located trophy asset that hasn’t been available for sale in more than 25 years,” said Howard Bregman, first vice president investments in Marcus & Millichap’s Fort Lauderdale office. “The property offers significant upside as a covered land play or bringing the below market rents to current rates,” continues Bregman. Bregman and Joseph Granteed, associate, are representing the seller, a private investor.
“The offering is an opportunity to acquire a fully occupied retail shopping center with redevelopment opportunities,” added Granteed. “The Boulevard Business (B-1) zoning designation allows for the development of a wide variety of property types, including retail, hospitality, office, and residential with up to 150 vertical feet and a potential mixed-use project of approximately 1,498,854 square feet.”
Located on the west side of Federal Highway just north of Sunrise Boulevard, the center has approximately 500 feet of direct frontage on Federal Highway. The property is in direct vicinity of The Galleria at Fort Lauderdale shopping mall, Coral Ridge Mall, Fort Lauderdale Beach and many nationally recognized retailers are nearby.
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With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.