CBRE has arranged the sale and financing of Coconut Creek Plaza, a 122,474-square-foot retail shopping center in Margate, Florida, for $21.5 million. The property, located at 5233-5289 Coconut Creek Parkway, was most recently reported to have traded for $12.3 million in 2015, according to the South Florida Business Journal.
CBRE’s Benjamin Silver and Kelley Greenstein represented the seller, Alliance XVI, in the transaction and secured CEMC Holdings, based in Miami, as the buyer. In addition to the investment sale, CBRE’s Debt & Structured Finance team, led by Ed Petti, arranged financing on behalf of CEMC Holdings. Specific loan terms were not disclosed.
Coconut Creek Plaza is described as a retail shopping center situated on more than 10 acres in Margate, a growing suburban market in west Broward County. The scale of the site provides a sizable footprint for neighborhood-serving retail in a part of South Florida that has seen ongoing residential and commercial activity. The center’s location along Coconut Creek Parkway provides visibility and access within the local community.
The property benefits from immediate residential adjacency, sitting next to the newly built Marquesa apartments, a 220-unit multifamily development. This proximity to a sizable, recently delivered apartment community adds a built-in customer base for the center’s retailers and services and underscores the residential density surrounding the asset.
Coconut Creek Plaza is anchored by two charter schools, which together accounted for approximately 86% of the leased space at the time of sale. This concentration of charter school tenancy makes the education users the dominant occupiers within the center and a key driver of property income. The article notes that the transaction is not expected to affect the charter schools’ operations.
With CBRE coordinating both the disposition and the debt placement, the trade reflects continued investor interest in retail properties with stable, institutional-style tenancy in suburban South Florida. The combination of long-term charter school anchors, adjacent multifamily housing, and positioning within a growing Broward County submarket are central features of the investment profile for Coconut Creek Plaza in this transaction.
