Pompano Beach, FL – September 21, 2011 – (RealEstateRama) — In an all-cash transaction, JR Enterprises LLC sold Waverly Shopping Center for $1.6 million to Waverly Pompano Center LLC. The 20,521-square-foot retail center is located at 437 East Atlantic Boulevard in Pompano Beach. CBRE brokers, David Donnellan and Todd Weintraub negotiated the transaction on behalf of the seller. Gene Snyder Company represented the buyer.
David Donnellan remarked on the scale of the transaction; “Very limited transactions are closing for Class C retail properties such as this. Favorable financing is more difficult to obtain for properties outside the Class A quality. In today’s environment, the lesser quality assets that trade are mostly all-cash transactions and under the $5 to $7 million mark.”
Waverly Shopping Center was built in 1985 and renovated in 2006. At the time of closing, the center was 70% occupied. Key tenants include AutoZone and Subway.
Purchasing entity, Waverly Pompano Center LLC, is based in North Miami and has a number of retail holdings, primarily focused in southeast Florida.
Donnellan and Weintraub are members of CBRE’s Private Capital Group and focus on the sale of single tenant and multi-tenant retail investment properties in southeast Florida.
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CB Richard Ellis 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 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis 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
305.428.6373
elizabeth.cross (at) cbre (dot) com
Lauren Crawford
813.273.8482
lauren.crawford (at) cbre (dot) com
