Fort Lauderdale Shopping Center Sells for $39M
- Jun 28, 2019
Northbridge Investment Management has acquired Riverbend Marketplace Phase II, a Class A, 103,452-square-foot regional shopping center in Fort Lauderdale, Fla. Gatlin Development Co. sold the asset for $38.5 million. The property is shadow-anchored by Riverbend Marketplace Phase I, Walmart’s first Supercenter in Fort Lauderdale. Marcus & Millichap represented the seller in the transaction and procured the buyer.
Located at 2510-2670 W. Broward Blvd., one block west of Interstate 95, the retail center is roughly 2 miles west from downtown Fort Lauderdale and 3 miles north from Interstate 595 and Port Everglades Junction. Fort Lauderdale-Hollywood International Airport is within a 15-minute drive of the property.
Built between 2017 and 2018 on a 14.5-acre site, the shopping center was 91.5 percent leased at the time of the sale. Wawa and McDonald’s, both having frontage on West Broward Boulevard, have signed 20-year ground leases. Tenants with new 10-year leases include Marshall’s, Planet Fitness, Five Below and DTLR. The regional mall serves a population of more than 157,000 residents within a 3-mile radius, with an average household income of more than $56,000.
Marcus & Millichap’s Brett Chetek, senior managing director of investments in the company’s Miami office, along with Associates Alex Perez and Chris Garavaglia, worked on behalf of the seller and procured the Canada-based buyer in this transaction.
In April, a 158,500-square-foot retail asset traded approximately 15 miles southwest from Riverbend Marketplace. The grocery-anchored shopping center commanded $37.5 million.