The deal closed March 14.
Boulevard Center is a retail strip center consisting of 5 buildings developed in the 1960s and early 1970s totaling 21,510 square feet situated on a 80,111-square-foot lot with 435 feet of frontage on East Commercial Blvd.
The property was listed at $4,950,000 and within days, multiple full price offers were received – some over list price. The property closed within 0.5% of list price and a sub 5% capitalization rate.
“Even after the property went non-contingent and buyers were told that the property was sold, we had numerous buyers wanting to put up a backup contract,” explained Osborne. “We are still working with those buyers looking for retail properties with long term upside.”
Bahr Investments, represented by Jonathan De LaRosa with Marcus and Millichap, purchased the asset.
Osborne added, “This trade illustrates the continued, frenzied demand for small retail properties throughout Broward County Florida. The lack of well-located retail properties for sale throughout South Florida has driven the price points higher and the return investor will to accept lower.”