Franklin Street Sells Fort Lauderdale Retail Plaza for $5.7 Million

Fort Lauderdale, Fla. — Franklin Street has completed the sale of a neighborhood shopping center for $5.7 million.

Franklin Street Managing Partner Greg Matus and Investment Associate Peter Crane represented the buyer of the 40,409-square-foot Pinecrest Square. The buyer is Pinecrest AP, a private real estate investor from the Northeast. The seller is MPI/Pine Crest Square Inc., an affiliate of Milestone Properties, which was represented by Marcus & Millichap. The new owner has plans to make significant capital improvements to the property, which is nearly 75 percent occupied. It has a mix of local and national tenants that include Subway, Jiffy Lube and 7-Eleven.