Galium Capital, a Miami-based private equity firm, has closed on Palm Square, a 77,621 SF shopping center in Pembroke Pines, Florida. The sales price was $20.475 million and the closing was overseen by Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI).
“Palm square is a true service-oriented neighborhood retail center located in one of the most sought-after markets in South Florida” said Jacques Bessoudo of Galium Capital. “Buying un-anchored “e-commerce proof” retail assets in sound markets is an investment thesis we feel strongly about, and are very excited about this latest acquisition”
Palm Square has more than 600 linear feet of prime retail frontage along Pembroke Pines’ a main retail corridor, Pines Boulevard, and over 160,000 people live within a three-mile radius. Tenants include Dunkin’ Donuts, KFC, Sherwin-Williams, and Goldfish Swim School. The property was built in 1987 on eight acres.
“Palm Square is service-oriented, unanchored retail strip center that at the time of the sale was 96% occupied by free-standing national tenants and prominent inline lessees,” said Jean-Baptiste Ramet of Marcus & Millichap’s Miami office. “The property is positioned within a thriving Broward County submarket just two blocks from the Pembroke Pines City Center and in the midst of newly completed and proposed multifamily, retail and mixed-use development.”
Ramet, Kirk D. Olson, and Drew A. Kristol, IPA senior directors, represented both the seller, Bar Invest, a Miami-based private investment group and the Buyer, Aventura-based Galium Capital. Galium Capital manages over $350 million of commercial property comprised of multifamily, office, and retail product across different national markets. Palm Square is their second retail acquisition in Florida, after The Shoppes at Lake Mary (101 N. Country Club Dr.) was purchased in early 2018. Galium Capital is led by Jacques Bessoudo and Iser Rabinovitz.
