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122K-SF Margate Retail Center Trades for $21.5M
CBRE arranged the sale and financing of Coconut Creek Plaza, a 122,474-square-foot retail shopping center located at 5233-5289 Coconut Creek Parkway in Margate, Florida. The property sold for $21.5 million. The South Florida Business Journal reports it last traded for $12.3 million in 2015.
CBRE’s Benjamin Silver and Kelley Greenstein represented the seller, Alliance XVI and secured CEMC Holdings in Miami as the buyer. Ed Petti with CBRE’s Debt & Structured Finance team arranged financing on behalf of the buyer.
Located in Margate, a growing suburban market in west Broward County, the center sits on more than 10 acres. It is adjacent to the newly built Marquesa apartments, a 220-unit development. The property is anchored by two charter schools, which comprised approximately 86% of the leased space at the time of sale. The sale will likely not effect the charter schools operation.
- ◦Sale/Acquisition
