CBRE Arranges Sale and Financing of Coconut Creek Plaza in Margate, Florida

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 $21,500,000.

CBRE's Benjamin Silver and Kelley Greenstein represented the seller, Alliance XVI, LLC, and secured Coconut Creek Shopping Center, LLC, as the buyer. Ed Petti with CBRE's Debt & Structured Finance team arranged financing on behalf of the buyer.

"This transaction reflects the strong investor appetite for retail properties and a comfort for the long-term viability of charter schools as a specialized tenant base South Florida," said Silver, Senior Vice President at CBRE. "Coconut Creek Plaza's stable tenancy, location, and the area's continued growth made it a highly sought-after investment. We secured a buyer within a week of bringing the property to market."

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.

“Ben found an excellent buyer, and I found the right lender,” said Petti, Senior Vice President with CBRE. “The lender closed on the terms offered, 70% LTV, mid 6% rate and one-year interest only. This deal is an excellent example of the value in CBRE’s sales-debt partnership in South Florida.”