South Florida Super Walmart Shadow-Anchored Shopping Center Sells for $38.5 Million
FORT LAUDERDALE, Fla., June 26, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Riverbend Marketplace Phase II, a 103,452-square-foot regional shopping center in Fort Lauderdale, Florida. The sales price is $38.5 million.
“The center has a lineup of diverse, service-oriented and e-commerce-resistant tenants, many of which are national retailers on long-term leases,” said Brett Chetek, senior managing director investments in Marcus & Millichap’s Miami office. “The property is shadow-anchored by Riverbend Marketplace Phase I, Walmart’s first ever Supercenter in Fort Lauderdale.” Chetek, along with Marcus & Millichap associates Alex Perez, and Chris Garavaglia, represented the seller, Gatlin Development Co. and procured the buyer, Northbridge Investment Management. Ryan Nee, first vice president and district manager, is Marcus & Millichap’s broker of record in Florida.
Built in 2017-2018 on 14.5 acres near the intersection of Broward Boulevard and Interstate 95, the center is close to Fort Lauderdale’s central busin ess district, Port Everglades, Interstate 595, Miami-Dade County and Palm Beach County. The property includes 20-year ground leases from Wawa and McDonald’s, both of which have frontage on W Broward Boulevard. Tenants with new 10-year leases include Marshall’s, Planet Fitness, Five Below, DTLR, and Jiffy Lube.
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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.