Pompano Beach, FL -- (ReleaseWire) -- 06/10/2016 --Marketplace Plaza LLC is proud to announce the acquisition of the Lauderdale Marketplace shopping center located in Lauderdale Lakes alongside North State Road 7. Notable for its 1980's era décor and cascading shades of teal, the sale of the 266,000 square-foot marketplace breaks down to $105 per square foot.
Purchased through the broker's firm, Exclusive Management and Properties Inc. (EMPI) this marks not only the largest acquisition in the history of their firm, but quite possibly the most opportunistic. The shopping center is located at the heart of the densest population in Broward County, where the traffic is among the highest levels of the region. Furthermore, the facility is already 87% leased with tenants that include Broward Health, YouFit, Papa Johns, Davita Dialysis, as well as governmental offices for the Department of Veteran Affairs, the Broward Sheriff's office, and the Department of Highway Safety and Motor Vehicles. Despite the consistent volume of traffic and customers attending these locations, Marketplace Plaza LLC has plans to improve the quality of the 30-acre lot.
"We recognize the long term opportunity with this purchase." says Laurent Abitbol, Acquisition Specialist for Exclusive Management and Properties, Inc. (EMPI) "I introduced this deal as I felt it was the most beneficial for all parties including the tenants."
The purchase was completed by Meir Benzaken, a South Florida Commercial Real Estate Investor with almost 30 years' experience in building, selling, and renting new and rehabilitated homes in the United States and Canada. For EMPI and Marketplace Plaza LLC, the goal for the newly-acquired shopping center is to add value and provide a quick transition toward serving the locations needs.
Mr. Benzaken had previously completed the acquisition of a 96-unit apartment complex in Fort Lauderdale, an upscale Shopping Center in Parkland, a Shopping Plaza in Margate as well as various condominium projects and residential communities in Sunrise and Lauderhill respectively, making for a strong foundation within the North-Central Broward area. He has also completed the Infill Program in Miami Dade as well as the City of Fort Lauderdale Neighborhood Stabilization Program, two programs dedicated to providing affordable housing to be built on vacant lots. While transitioning his focus toward commercial properties, he has recently been instrumental in the purchase and rehab of over 100 condominium units in Lauderhill.
The transaction was completed on May 26th.
About Exclusive Management and Properties, Inc. (EMPI)
Exclusive Management and Properties Inc. is a premier South Florida Real Estate Company dedicated to the sales and management of investment properties. EMPI and its affiliated companies have a twenty-two year track record of success in real estate development, management and sales, ranging from residential rehabilitation to commercial and industrial management. Exclusive Management and Properties Inc. have formed strategic partnerships with City Agencies, Nonprofit Agencies, Banks and other Real Estate Firms. EMPI has partnered with the City of Fort Lauderdale in their neighborhood stabilization program and the City of Miami in their Infill Housing Program.
Marketplace Plaza LLC Completes $28.1 Million Purchase of the Lauderdale Marketplace in Lauderdale Lakes
The Pompano Beach-based commercial investment firm, Marketplace Plaza LLC is proud to announce their largest acquisition to date.