CBRE SELLS 79,998-SF, MULTI-TENANT RETAIL CENTER
Tamarac, FL – July 24, 2015 – (RealEstateRama) — CBRE arranged the sale of University Commons, a 79,998-square-foot, multi-tenant retail center located at 6702-6852 N. University Drive in Tamarac, Florida. Bar Invest Group, Inc. purchased the property for $10,700,000. The seller was University Commons, LLC, affiliated with Boca Raton-based Pebb Enterprises, which hired CBRE to market the asset for sale and negotiate the transaction.
The shopping center is anchored by a new Save-A-Lot grocery store and is 92% leased with a mix of local and national retail and service tenants. Other key tenants include R.C. Hobbies, Dunkin’ Donuts, Monroe Muffler, and Quest Diagnostics.
“Well-located, grocery-anchored retail centers in in-fill locations continue to be the most coveted retail product type by investors,” said David J. Donnellan, First Vice President with CBRE. “University Commons will benefit from the recent opening of a new Save-A-Lot grocery store, providing a daily flow of consumers to the property. The property is conveniently located at the intersection of McNab Road and University Drive, central to a very dense population base in this part of Broward County. The value orientation of Save-A-Lot ideally suits the demographic profile of the trade area.”
David Donnellan and Patricia Friend of CBRE managed the sale. Based in Fort Lauderdale, they are part of CBRE’s Investment Properties Group focusing on the disposition of multi-tenant shopping centers in South Florida.
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 and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 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 website at www.cbre.com.
