Dealmaker: Institutional Property Advisors Brokers $24M Retail Portfolio Sale

(Oakland + Lakes Retail Portfolio, Lauderdale Lakes, Fla.)

Institutional Property Advisors, Ontario, Calif., sold the Oakland + Lakes Retail Portfolio, two neighborhood retail centers on 14.2 acres in Lauderdale Lakes, Fla., for $23.75 million.

“The portfolio’s nearly 30% vacancy, below-market rents and Opportunity Zone location provide our with buyer with immediate upside potential,” said Douglas Mandel, IPA Executive Managing Director. Mandel and Senior Associate Tyler Kuhlman listed the portfolio for sale and procured the Florida-based private investor buyer.

“On the market for the first time since being developed between 1977 and 1985, the centers are primary retail destinations for local residents of Lauderdale Lakes,” Mandel said, noting a mix of local and national businesses give customers “one-stop shopping.”

The properties, Oakland Shopping Center and Lakes Medical Center, both have frontage and visibility on N State Road 7/U.S. Route 441. Both centers are less than one mile from the Florida Turnpike and close to Interstate-95. Fort Lauderdale Executive Airport and downtown Fort Lauderdale are within three miles.

Retail tenants at the centers include United Surgical Partners International, Progressive Insurance, the Florida Department of Health and Pathways Academy.