CBRE Arranges Sale of 54 KSF Florida Mixed-Use Asset

The $5.4 million deal was arranged by a team specialized in the disposition of multi-tenant shopping centers in South Florida.

By Irina Vrasmas

David Donnellan, SVP, CBRE
David Donnellan, SVP, CBRE

West Palm Beach, Fla.—CBRE recently arranged the sale of a mixed-use shopping center located in the West Palm Beach MSA, on behalf of seller AMCO Properties. The 54,707-square-foot Woodbridge Plaza changed hands for $5.4 million and was acquired by an affiliate of Southern Management & Development. The asset includes a retail component and 16,182 square feet of office space.

Located at 6601 Forest Hill Blvd. in Greenacres, Fla., Woodbridge Plaza is home to Goodwill Industries, Precision Dance Conservatory, All Bird Clinic and South Florida Dentistry. The property also includes two outparcels currently leased to Walgreens and McDonald’s, which were not included in the sale.

Senior Vice President David Donnellan and Senior Financial Analyst Patricia Friend of CBRE’s Fort Lauderdale-based Investment Properties Group led the team handling the marketing and negotiation process.

“Woodbridge Plaza attracted substantial interest due to its location at a major intersection in Palm Beach County as well as an offering price well below replacement cost,” said Donnellan in prepared remarks.

Image courtesy of CBRE