Margate, FL – June 28, 2012 – (RealEstateRama) — CBRE announced today the sale of Lakewood Shopping Center, a 236,679-square-foot shopping center located on West Atlantic Boulevard in Margate, Florida. The property was acquired by an affiliate of Toronto/Florida-based North American Development Group (NADG) for $31.5 million from a wholly owned subsidiary of Inland American Real Estate Trust, Inc. CBRE’s National Retail Investment Group in Florida provided exclusive representation to the seller in the transaction.
Lakewood Shopping Center is located at the intersection of U.S. Highway 441 / State Road 7 and West Atlantic Boulevard in Broward County. The regional power center is positioned within an in-fill trade area with over 380,000 people in a five-mile radius. The in-line center is anchored by Marshalls, Ross Dress for Less and Staples. Also included in the sale were outparcels occupied by Walgreens, Burger King, Applebee’s and Bank of America. A Walmart Supercenter, TD Bank, Boston Market, Denny’s and McDonald’s also operate at the property but are separately owned and were not included in this transaction.
“NADG was interested in high quality in-fill real estate and a property with the potential for value creation,” said Casey Rosen, a Senior Vice President with CBRE in Miami. “This transaction was a win for both parties,” Rosen continued. “The sale will enable Inland American to diversify their holdings in the region and re-cycle proceeds into investments with higher growth profiles than retail such as hotels.”
The CBRE National Retail Investment Group is a team of senior Capital Markets professionals that specialize in the sale, debt and equity finance, and recapitalization of retail properties throughout the United States. In Florida, the NRIG team is based in the Miami office and includes Senior Vice Presidents, Casey Rosen and Dennis Carson and First Vice President Nikolas Kozy.
About CBRE Group, Inc.
Inland American Real Estate Trust, Inc. focuses on acquiring and developing a diversified portfolio of commercial real estate including retail, multi-family, industrial, lodging, office and student housing properties, located in the United States and Canada. The company also invests in joint ventures, development projects, real estate loans and marketable securities. As of March 31, 2012 Inland American owned, directly or indirectly through joint ventures in which it has a controlling interest, 970 properties, representing approximately 49 million square feet of retail, industrial and office properties, 9,563 multi-family units and 17,899 lodging rooms. Inland American is one of five REITs that are, or have been, sponsored by affiliates of The Inland Real Estate Group of Companies, Inc. For further information regarding Inland American, please refer to the company website at www.inlandamerican.com
About North American Development Group
North American Development Group is one of North America’s leading vertically integrated enterprises focusing exclusively in the shopping center segment of the real estate industry. In its cumulative business history, North American Development Group (“NADG”) has been active in the development, acquisition, redevelopment and management of over 200 shopping centers comprising well in excess of 25 million square feet of GLA with an enterprise value of over $3 billion. Since the end of 2009, NADG has acquired 28 retail properties comprising over 3 million square feet of existing or to be developed space. NADG has 11 offices across North America, consisting of 7 in the United States and 4 in Canada, and a team of over 120 seasoned real estate professionals. In the U.S., NADG’s head office is in West Palm Beach, Florida with regional offices in Los Angeles, Phoenix, Denver, Dallas, Nashville and Atlanta. In Canada, the Company’s head office is in Toronto, with regional offices in Edmonton, Montreal and Halifax. For further information regarding NADG, please visit www.nadg.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
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