Echo Realty pays $30m for Pompano Plaza in Florida

Pittsburgh-based investor ECHO Realty has acquired Pompano Plaza, a 126,928 square- oot grocery anchored shopping center in northeast Broward County. Built in 1973, the facility was significantly renovated in 2006 when a portion of the original structure was demolished and replaced with a Publix store. Located on a nine-acre parcel, the center was 100 percent leased with other national tenants including Marshalls and Office Depot. Echo paid $29.6 million or $233 per sqf for the scheme which includes a bank outparcel building added in 2010. Cushman & Wakefield's Miami-based investment sales team of Mark Gilbert, Adam Feinstein and Mitchell Halpern negotiated the disposition on behalf of the seller, Pompano Plaza, Ltd.

"Interest in this offering was exceptional based on the strong anchor tenant draw and location along Federal Highway in a prime South Florida trade area,” said Feinstein. “Retail assets along Federal Highway in eastern Broward County are highly coveted by investors given the area’s high barriers to entry, superior demographics...and solid retail fundamentals."