Marcus & Millichap : Facilitates Sale of Broward Shopping Center to Next Realty Affiliate

DAVIE, Fla., April 8, 2024 - 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 Shoppes of Rolling Hills, a 16,820-square-foot retail center in Davie, Florida.

"The Shoppes of Rolling Hills is a great example of an unanchored retail strip center, an asset class that has been attracting a growing number of bids in today's market environment," says Kirk Olson, senior vice president investments. "The fully occupied property and its tenants are performing exceptionally well, thanks to its infill location, high traffic counts and ideal mix of service and convenience retail uses."

Olson and Drew Kristol, investment specialists in Marcus & Millichap's Miami office, had the exclusive listing to market the property on behalf of the seller, Davie, Florida-based SRH Partners LLC, managed by Beth Azor, and procured the buyer, Next Realty Affiliate. This acquisition will further Next Realty's Multi-Solution™ investment strategy, curating a diversified portfolio of properties intended to balance attractive risk-adjusted current yields with the potential for value creation.

"Next Realty is excited to expand our portfolio by acquiring this in-fill asset in a dynamic retail submarket of Southeast Florida," said Eteri Zaslavsky, managing director, Next Realty. "We look forward to making additional investments in targeted markets throughout Florida."

The Shoppes of Rolling Hills is a neighborhood shopping center located at 2853-2889 S. University Dr., a major north-south thoroughfare, with many demand drivers. At the time of acquisition, it was fully leased to a mix of restaurants and convenience-oriented tenants. Fresh Kitchen and Vicky Bakery serve as 'anchor' tenants and are well-known throughout Broward County. The center is also located near several educational institutions, including Nova Southeastern University (directly across the street), satellite campuses for the University of Florida and Florida Atlantic University, and the main campuses for Broward College and McFatter Technical Institute.