Pembroke Pines Shopping Plaza and Self-Storage Facility Sold for $15.5 Million

In a significant move in the South Florida real estate market, Andrew Perkins, a commercial real estate investor, has acquired the Sheridan Village Center and self-storage property in Pembroke Pines for $15.5 million. This purchase highlights the ongoing strength and appeal of retail and storage properties in the region.

Property Details

Sheridan Village Center Overview

• Location: 16602-16660 Sheridan Street, Pembroke Pines, FL
• Size: 64,300 square feet built on nearly 4 acres
• Components:
  • Retail Space: 29,300 square feet, currently 93% occupied
  • Notable tenants include:
    • Memorial Healthcare System urgent care center
    • Dunkin’
    • Momo Relaxation Spa
  • Self-Storage Units: 35,000 square feet, more than 90% occupied
  • Features 419 storage units located on the upper floors of one of the buildings
• Completion: Constructed in 2017 and 2018

The Players Behind the Deal

The acquisition was facilitated by Marcus & Millichap, with brokers Drew Kristol and Kirk Olson representing both the buyer and the seller. The selling entity, Sheridan Real Estate Group, led by Nelson Fernandez, is known for developing retail and storage facilities. Fernandez, who also leads the construction company ANF Group based in Davie, developed this project independently.

Background on Andrew Perkins

Perkins Realty Management, led by Andrew Perkins, focuses its investments primarily in South Florida and Massachusetts. Notably, Perkins has made several strategic investments in the area, including:

• $10.2 million for a retail property at 10400 West Atlantic Boulevard, Coral Springs (2022)
• $7.2 million for a retail building located at 5400-5428 West Atlantic Boulevard, Pompano Beach (2022)

The recent acquisition of the Sheridan Village Center represents a continuing trend of investment in the thriving South Florida market.

The South Florida Retail Landscape

According to a recent Colliers report, South Florida’s retail market remains robust, featuring:

• An overall vacancy rate of 3.5% for the second half of last year and the first quarter of this year
• A lower vacancy rate compared to the national average of 4.2%
• In Broward County, the vacancy rate was 3.8%, with an average asking rent of $27.99 per square foot—an increase of 30 cents year-over-year

Recent Retail Developments in South Florida

• Major Retail Sale: In one of the largest recent transactions, Swire Properties sold a 75% interest in the Brickell City Centre retail and parking portions to Simon Property Group for $512 million.
• Commercial Mortgage Issues: Brookfield Asset Management’s $260 million commercial mortgage-backed securities loan on Pembroke Lakes Mall is currently under scrutiny due to maturity default.

Renovation and Redevelopment Trends

As retail spaces evolve, some developers are revitalizing their properties by introducing new features:

• Renovations to existing retail spaces
• Mixed-use developments, such as the planned transformation of a parking lot at the Shops at Pembroke Gardens into a 308-unit apartment complex by Federal Realty Investment Trust

These trends reflect the adaptive strategies that developers are employing to maintain competitiveness in the changing retail landscape.

Conclusion

Andrew Perkins’ acquisition of the Sheridan Village Center further cements the attractiveness of Pembroke Pines as a hub for commercial investment. With ongoing developments and a favorable vacancy rate, South Florida’s retail market is poised for continued growth and evolution.

For more industry insights and detailed market analyses, explore Colliers and Marcus & Millichap.