Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Waterway Shoppes of Weston, a 36,000-square-foot shopping center in Weston, a master-planned suburban community in Broward County, Florida. The property sold for $20.45 million, which equates to $569 per square foot.
“Weston’s retail submarket is widely recognized as one of the strongest and healthiest in South Florida and Waterway Shoppes of Weston is one of Weston’s premier shopping centers,” said Kirk D. Olson, IPA senior director. “Average annual household income in the city is $144,000 and the daytime traffic and workforce population amounts to nearly 20,000 people supported by over 1 million square feet of office space.” Olson and Drew A. Kristol, IPA senior director, represented the seller, a Miami-based private investor. The buyer, also a Miami-based private investor, was procured by Gordon Messinger, executive managing director of Cushman & Wakefield. “Waterway Shoppes has a diverse mix of service-oriented, internet-proof tenants,” added Kristol. “The majority are national or regionally based businesses in small shop spaces that range from 980 square feet to 6,000 square feet.”
Built in 1999 on five acres, the shopping center is located on the signalized corner of Weston Road and North Commerce Parkway, one block from the Interstate 75 exit ramp at Royal Palm Boulevard. Nearby major employment centers include the Weston Park of Commerce, the Meridian Business Campus, the Cleveland Clinic Florida, and Miami Children’s Hospital. Waterway Shoppes of Weston’s tenants include restaurants, a beauty salon, a wireless store, professional services and fitness and healthcare businesses. The center has outdoor seating for its restaurant tenants along a waterfront boardwalk in front of a small lake, abundant parking and a new roof that was installed in 2015.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.
