Storefront For Sale
77,621 Sq Ft
Institutional Property Advisors is pleased to present Palm Square shopping center, a service-oriented, unanchored retail strip center located in the growing submarket of Pembroke Pines, in the heart of Broward County. Located directly on Pines Boulevard, this 77,621- square-foot center sits on 8 acres of land and includes free-standing national tenants Dunkin’ Donuts and KFC, as well as prominent inline tenants such as Sherwin-Williams, Batteries + Bulbs, Fast Signs and several other established local, regional and national tenants. The property is currently 96% occupied and the majority of the leases include aggressive annual rent increases, which should contribute to strong future NOI growth.
Pines Boulevard has a traffic count exceeding 52,000 vehicles per day, and the subject property contains over 600 linear feet of frontage along this main retail corridor, including left turn in access at both the eastern and western edges of the property. Palm Square is located less than 1,000 feet away from the future Pembroke Pines City Center, a mixed-use development with plans for 445,000 square feet of retail/ office space, a 350-unit hotel and more than 1,400 residential units. This infill Broward County location is home to a population of more than 160,000 people within a 3-mile radius with an average household income over $65,000. Palm Square is currently 96% occupied and has recently been upgraded with a brand-new roof on the front building of the property, new paint, landscaping and new monument sign. This is a rare opportunity for an investor to acquire a stabilized, service-oriented shopping center in a growing submarket of Broward County with a strong in-place NOI with aggressive annual rent increases.