CBRE Arranges Sale of Miami-Area Retail Asset
- May 05, 2017
CBRE has closed the sale of the recently developed retail component of Plantation Pointe, an office park located at the southeast corner of University Drive and Sunrise Boulevard in Plantation, Fla. The deal included a 1.7-acre parcel located at 1780 North University Drive, with two multi-tenant retail buildings totaling 17,502 square feet.
Executive Vice President Dennis Carson, Senior Vice President David Donnellan and Executive Vice President Casey Rosen of CBRE’s Capital Markets team represented the seller, an affiliate of Chicago-based Torburn Partners, the developers of Plantation Pointe. According to public records, Plantar LLC purchased the properties from an entity affiliated with Miami-based Midtown Realty, in a $21.2 million deal.
“The retail component of Plantation Pointe has a high percentage of fast casual restaurants, which not only creates a built-in quasi food court for the 875,000 square feet of adjacent office space at Plantation Pointe, but also fills a need for quality food options for the surrounding densely populated neighborhoods,” said Donnellan in prepared remarks.
Plantation Pointe’s tenant roster boasts retailers such as Chipotle, Pieology, Panda Express, AT&T and a new Walgreens that separately occupies a 16,510-square-foot building. The property is near regional retail centers including Sawgrass Mills in Sunrise and Broward Mall in Plantation.
Rendering courtesy of Torburn Partners