OAKLAND PARK, Fla., April 4, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of The Boulevard Center, a 21,510 square-foot shopping strip in Oakland Park, Florida. The 14-suite property sold for $4,925,000.

The Center’s corner building is a 3,130-square-foot free-standing restaurant on 28,760-square-feet of land. The second free-standing building totaling 2,460-square-feet is adjacent to the main center, which is 17,500-square-feet on 51,351-square-feet of land.

“It’s rare to find a shopping center in South Florida on a main artery with over 57,000 vehicles per day at below replacement cost. The average land value on East Commercial Blvd is approximately $60 per square foot; my client viewed the acquisition as covered land play. It’s become extremely challenging to source value-add assets in the South Florida market due to an abundance of capital looking to be placed,” said Jonathan De La Rosa, first vice president in Marcus & Millichap’s Miami office.

De La Rosa exclusively secured and represented the buyer.

The 1.84-acre lot is located at 1504-1538 E Commercial Blvd. The property is 100% occupied by 12 long-term tenants, including Thai Spice Restaurant, Tropibowls,

Perry Wings, Intense Fitness LLC, and many other services.

The Boulevard Center consists of 5 buildings developed in the ’60s and ’70s, with renovations completed over several years.