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CBRE Secures $17M Loan To Refinance Fort Lauderdale Retail Property

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FINANCED
$17,000,000
Mackenzie Lampman
Paul Ahmed
SK

Florida

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Retail211,178 SF
Financed 01/04/2024
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FINANCED

CBRE Secures $17M Loan To Refinance Fort Lauderdale Retail Property

3700 North Ocean Boulevard & 4032 North Ocean Boulevard

See Similar Deals
Retail211,178 SF
Financed 01/04/2024
Mackenzie Lampman
Paul Ahmed
SK
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Retail
Price Per Square Foot:$80
Total Square Footage:211,178 SF
Transaction Type:Loan

The Galt Ocean Marketplace, a 105,589-square-foot shopping center located at 3700-4032 North Ocean Boulevard in Fort Lauderdale, has been refinanced with a $17 million loan. The property, owned by Kitson & Partners since 2006, is a retail asset boasting a 96 percent occupancy rate. Anchor tenant Winn-Dixie is joined by notable tenants such as CVS/pharmacy, Holy Cross Hospital, and McDonald's.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: $17,000,000
  • Address: 3700-4032 North Ocean Boulevard, Fort Lauderdale
  • Market: Fort Lauderdale
  • Square Footage: 105,589 SF

CBRE's Ahmed Lampman and Mackenzie Lampman represented Kitson & Partners in securing the $17 million loan for the Galt Ocean Marketplace refinance.

Players

Paul Ahmed
CBRE
Paul Ahmed
13 deals$262.9M volume
BROKER
Mackenzie Lampman
CBRE
Mackenzie Lampman
7 deals$191.2M volume
BROKER
SK
Kitson & Partners
Syd Kitson
3 deals$70.1M volume
LANDLORD

Details

FINANCED
IMAGE: Syd Kitson, Mackenzie Lampman & Ahmed Lampman DATE: 01/04/2024 ADDRESS: 3700-4032 North Ocean Boulevard MARKET: Fort Lauderdale ASSET TYPE: Retail ~ SF: 105,589 LANDLORD: Syd Kitson - Kitson & Partners BROKERS: Ahmed Lampman & Mackenzie Lampman (@KenzLampman) - CBRE (@CBRE) LOAN AMOUNT: $17,000,000 LOAN TYPE: Refinance NOTE: CBRE secured a $17 million loan to refinance Fort Lauderdale's Galt Ocean Marketplace, a 105,589-square-foot shopping center with anchor tenant Winn-Dixie. The property, acquired by Kitson & Partners in 2006, boasts a 96 percent occupancy and features CVS/pharmacy, Holy Cross Hospital, and McDonald's among its tenants.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$17,000,000.00

Monthly NOI$113,333.33
Monthly Debt Service$107,451.56
Change in Cash Flow$0.00
Refinance Proceeds$0.00