Strong Appetite for Well-Located Retail with Upside Potential
Sunrise, FL – June 15, 2012 – Local private investment group, Waterstone Capital LLC, purchased Springtree Center, a 46,760-square-foot retail center in Sunrise, Florida, for $3,475,000 or $74.36 per square foot. CBRE Vice President William Strauss marketed the asset for sale and negotiated the transaction on behalf of the seller, Springtree LLC.
“There is strong investor demand to purchase well-located retail properties priced below replacement cost. Springtree Center was purchased as a long-term investment with significant opportunity to add value through lease up and capital improvements,” said Strauss.
The buyer, Waterstone Capital based in Bal Harbour, Florida specializes in acquiring distressed and underperforming loans and properties.
Built in 1978, the center is positioned along two major arteries in Broward County, located at 8027 West Oakland Park Boulevard at the intersection of University Drive.
Springtree Center was 32% occupied at the time of closing with major tenants including Mattress Giant and CCS Financial Services.
Based in Boca Raton, Strauss is a member of CBRE’s Private Capital Group and focuses on representing retail property owners in the disposition of investment properties 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 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
