12:00 PM
NGKF Capital Markets announces the $13.5 million sale of Stirling Town Center, a shopping center in the surrounding neighborhood of the new Monterra community, ranked a Top 10 Best-Selling Community in the Nation in 2012. The four-building retail center of approximately 53,857 square feet is situated on a 5.91 acre site at 8637-8861 Stirling Road in Cooper City, just west of the heavily trafficked Pine Island and Stirling Road intersection.
NGKF Capital Markets Executive Managing Director Michael Lapointe and Managing Director Michael Lohmann represented the seller, LNR Partners, LLC, the world’s largest commercial mortgage special servicer. At the close of escrow, the building was at 92 percent occupancy, with several long-term tenants’ leases extending beyond 2025.
“The primary demand driver for this transaction is a continued appetite for long-term, stable income producing retail properties in South Florida. This transaction traded at a premium value due to having a great balance of in-place national tenants, as well as, upside through repositioning of smaller spaces with rents driven largely from the rise of Monterra and other major retailers opening locations in the vicinity of Stirling Town Center.”
Constructed in 2005, the property has recently undergone major capital improvements, which included all four roofs being replaced. Current tenants include a variety of strong national and regional, service-based retailers such as Subway, Tijuana Flats, Starbucks, Smoothie King, Cold Stone Creamery, Beef ‘O’ Brady’s and Aroma Kosher Market and Catering.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.