Boca firm pays $5.4M for center in Greenacres
Southern Management and Development L.P. bought the mixed-use commercial property
October 09, 2016 11:00AM
The property is at 6601 Forest Hills Blvd. in Greenacres.
An affiliate of Boca Raton-based Southern Management and Development L.P. bought the mixed-use Woodbridge Plaza in Greenacres for $5.4 million.
The mostly retail property also has 16,182 square feet office space. Excluded from the sale of the shopping center were two out-parcels leased to McDonald’s and Walgreens.
Tenants of the 54,707-square-foot shopping center at 6601 Forest Hill Boulevard in Greenacres include All Bird Clinic, Goodwill Industries, Precision Dance Conservatory and South Florida Dentistry.
David Donnellan and Patricia Friend led CBRE’s investment properties group in Fort Lauderdale in the marketing of Woodbridge Plaza and the negotiations to sell it. Donnellan is a senior vice president of CBRE and Fried a senior financial analyst.
“Woodbridge Plaza attracted substantial interest due to its location at a major intersection in Palm Beach County as well as an offering price well below replacement cost,” Donnellan said in prepared remarks.
Source: The Real Deal