Avison Young to sell 152,254 SF grocery-anchored shopping center in South Florida’s burgeoning Margate/Coral Springs area
At 99 percent occupied, Penn Dutch Plaza is a retail investment opportunity with long-term tenants and in-place cash flow
Margate, Fla. — Avison Young’s South Florida Capital Markets Group has been exclusively tapped by SunCap and Ross Realty Investments to sell a 152,254-square-foot, neighboorhood shopping center anchored by Penn Dutch Food Center and YouFit Gym at 3105-3285 N. State Road 7 in Margate, Florida. Avison Young Principals John K. Crotty, CCIM; Michael T. Fay; David Duckworth; and Senior Associates Joshua Ladle and Brian de la Fé will lead the marketing and disposition of the asset.
“The shopping center, dubbed Penn Dutch Plaza, is a rare investment opportunity in South Florida’s high-barrier-to-entry Northwest Broward County submarket,” said Crotty. “The property is 99 percent occupied and offers strong in-place cash flow from its diverse mix of long-term tenants. The Margate / Coral Springs has experienced 20 percent rent growth over the past five years and has multiple synergistic developments underway.”
Strategically positioned on the northern edge of Margate, with Coral Springs to the north and Coconut Creek to the east, Penn Dutch Plaza sees traffic counts of 52,000 vehicles on average along State Road 7. The retail center serves over 150,000 residents in a 3-mile radius within Margate and Coral Springs with high-income level residents.
Within a half mile of Penn Dutch Plaza are 1.5 million square feet of big box retailers with significant drawing power such as Walmart, Lowe’s, HomeGoods, Ross, Burlington Coat Factory, and Best Buy. Just blocks away are the expanding Northwest Regional Hospital as well as the future MainStreet Coconut Creek, a new pedestrian-oriented downtown community development.
Avison Young provides best-in-class services to local, national, and international clients while also networking with the firm’s other offices across the U.S. and Canada. For more information about Avison Young, please contact Mr. Crotty at (305) 447-7865 or visit www.avisonyoung.com.