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9801-9965 Pines Blvd

Pembroke Pines, FL 33024

$20,700,000

Storefront For Sale  •  77,621 Sq Ft

Property Details

  • Property Type Storefront
  • Total Building Size 77,621 Sq Ft
  • Lot Size 8 ac
  • Building Class B
  • Year Built 1987
  • Cap Rate 7.00 %
  • Tenancy Multiple
  • Zoning B-2
29 Transit Score
63 Walk Score

Description

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.

Highlights

Rare Broward County 77,621 SF Shopping Center on 8 Acres
96% Occupied, Small Shop, Service-Oriented Strip Center with Aggressive Annual Rent Increases
Includes Free-Standing Dunkin’ Donuts, KFC, and Inline National Tenants Such As Sherwin-Williams and Batteries + Bulb
Recent Capital Improvement with Brand New Roof on Front Building of Property
In excess of 600 Linear Feet of Prime Retail Frontage Along Pines Boulevard
Traffic Count of 52,000 Vehicles Per Day

Financial Summary

Cap Rate: 7.00 %

Major Tenants

Tenant SF Occupied Lease End Date
Atlantic Montessori Charter School 6,900 SF
Batteries Plus Bulbs 3,000 SF
Goldfish Swim School 8,820 SF
KFC 2,800 SF
Sherwin-Williams 5,000 SF

Amenities

  • Restaurant
  • Signage

Public Transportation

Commuter RailDriveWalkDistance
Hollywood Commuter Rail (Tri-County Commuter) 18 min - 7.4 mi
Sheridan Street Commuter Rail (Tri-County Commuter) 19 min - 9.0 mi
AirportDriveWalkDistance
Fort Lauderdale–Hollywood International Airport 24 min - 11.6 mi
Miami International Airport 36 min - 19.9 mi

Parking Details

Parking Available: Yes
Reserved: No
Spaces Provided: 421
Type: Surface
Included in Rent: Yes
Kirk Olson 786-522-7086 Marcus & Millichap
Kirk Olson 786-522-7086 Marcus & Millichap