Press Releases
Marcus & Millichap Closes $30 Million Shopping Center Sale in Broward County
March 11, 2024
POMPANO BEACH, Fla., March 11, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Shoppers Haven, a 205,567-square-foot retail center in Pompano Beach, Florida. The property sold for $30 million.
“Construction on a brand-new Publix supermarket will begin in the next 30 days and the buyer plans to significantly improve the property with upgrades to the storefronts, façade, landscaping, parking lot, pylon signage and much more,” said Howard Bregman, first vice president investments in Marcus & Millichap’s Fort Lauderdale office. “There is a tremendous opportunity to add value by backfilling the vacant Bed, Bath & Beyond box and the space soon to be vacated by Party City. The exceptional 22-acre hard corner location provides new ownership with the potential to add additional outparcels and develop up to 225 units of multifamily housing.” Bregman represented the seller, Partridge Equity Group and procured the buyer, Stiles Corporation.
Built in 1964 and renovated in 1999, 2013 and 2023, the center is located at the intersection of Federal Highway/U.S. Route 1 and Sample Road, which see 51,000 and 29,000 vehicles per day, respectively. Average annual household income within one mile is over $101,400 and the population has grown 10.6% since 2000. The tenant roster includes Michaels, Bealls, Walgreens, Party City, YouFit, Outback Steakhouse, Comcast, H&R Block, Domino’s Pizza and Dunkin’ Donuts.
“Construction on a brand-new Publix supermarket will begin in the next 30 days and the buyer plans to significantly improve the property with upgrades to the storefronts, façade, landscaping, parking lot, pylon signage and much more,” said Howard Bregman, first vice president investments in Marcus & Millichap’s Fort Lauderdale office. “There is a tremendous opportunity to add value by backfilling the vacant Bed, Bath & Beyond box and the space soon to be vacated by Party City. The exceptional 22-acre hard corner location provides new ownership with the potential to add additional outparcels and develop up to 225 units of multifamily housing.” Bregman represented the seller, Partridge Equity Group and procured the buyer, Stiles Corporation.
Built in 1964 and renovated in 1999, 2013 and 2023, the center is located at the intersection of Federal Highway/U.S. Route 1 and Sample Road, which see 51,000 and 29,000 vehicles per day, respectively. Average annual household income within one mile is over $101,400 and the population has grown 10.6% since 2000. The tenant roster includes Michaels, Bealls, Walgreens, Party City, YouFit, Outback Steakhouse, Comcast, H&R Block, Domino’s Pizza and Dunkin’ Donuts.
# # #
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
