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Pembroke Pines Shopping Center Sets Per-Square-Foot Record for Broward County Retail
OMAX Invest, LLC has acquired Pembroke Centre, a 29,350-square-foot Class A retail plaza on 4.06 acres at 304-306 SW 145th Terrace in Pembroke Pines, FL, for $23 million.
According to seller’s representative Avison Young, the $784-per-square foot sale price sets a record for a shopping center in Broward County.
David Duckworth, Michael Fay, John K. Crotty and Brian de la Fé of Avison Young sold the property on behalf of PP Omni Ventures (affiliated with commercial real estate developer Hart Lyman Companies). Monolith Real Estate Property Management represented the buyer.
“Interest rate increases in late 2022 provided a challenging environment for this low-cap rate sale; however, we continue to see high investor demand for quality class A assets like Pembroke Centre,” said Fay. “Despite macro-economic shifts setting the tone for a more cautious investment market, the buyer recognized the long-term value in this property and proceeded to a successful close.”
Pembroke Centre is 100% occupied and sits on an outparcel with a shared entrance to Shops at Pembroke Gardens, an open-air retail and entertainment destination.
- ◦Sale/Acquisition
