Award-winning retail property acquired for $12.75 million
Fort Lauderdale, FL – March 16, 2012 – (RealEstateRama) — Known as the ‘yachting capital of the world’ to enthusiasts, Fort Lauderdale is home to Cole Capital’s newly acquired West Marine mega flagship store. The 50,000-square-foot building was completed in 2011 for West Marine as a relocation for the chain’s top-performing store. CBRE marketed the trophy asset for sale and negotiated the transaction on behalf of the seller and developer, Stiles Corporation. Cole Capital purchased the property for $12.75 million.
Located at 2401 South Andrews Avenue at the corner of State Road 84, the West Marine flagship store was recently recognized by Chain Store Age magazine in the 30th annual ‘Retail Store of the Year’ awards, ranking as the top retail property worldwide in the category of ‘hard lines, over 25,000 square feet’. It is the largest store in the history of the 36-year-old leading specialty retailer of boating supplies, and possibly the largest store of its kind in the world. Designed by Bergmeyer Associates Inc., the store features a Megayacht fly bridge with the nation’s largest display of marine electronics and audio systems, sailboat hardware shops, retail for offshore and in shore saltwater anglers, and an on-site rigging shop.
The CBRE Private Capital Group – Retail team of David Donnellan, Todd Weintraub, and newest member, Charlie Manuel, partnered with Mark Drazek of CBRE’s Net Leased Properties Group in the Orlando office to provide representation to Stiles Corporation.
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.
Contact:
Elizabeth Cross
Marketing Director, FL
305.428.6373
elizabeth.cross (at) cbre (dot) com
Lauren Crawford
Communications & Media Manager, FL
813.273.8482
lauren.crawford (at) cbre (dot) com
