Asset totaling 54,707 square feet in Greenacres, Florida, acquired from AMCO Properties

CBRE arranged the sale of Woodbridge Plaza, a mixed-use shopping center consisting of a total of 54,707 square feet, which includes 16,182 square feet of a second floor office component. The property is located in the West Palm Beach MSA at 6601 Forest Hill Boulevard, in Greenacres, Florida. An entity affiliated with Southern Management & Development purchased the property for $5.375 million. The seller, AMCO Properties, hired CBRE to market the asset for sale and negotiate the transaction.

Center tenants include Goodwill Industries, Precision Dance Conservatory, All Bird Clinic, and South Florida Dentistry. Two outparcels, occupied by Walgreens and McDonald’s, were not included in the sale.

“Woodbridge Plaza attracted substantial interest due to its location at a major intersection in Palm Beach County as well as an offering price well below replacement cost,” said David J. Donnellan, Senior Vice President with CBRE. “While the tenancy consists of predominantly smaller local companies, a solid base of professional and service-oriented businesses has operated at the center for several years.”

David Donnellan and Patricia Friend of CBRE managed the sale on behalf of the seller. Based in Fort Lauderdale, Donnellan and Friend are part of CBRE’s Investment Properties Group, which focuses 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 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.