Miami, FL – February 14, 2008 – MMG Equity Partners, through a joint venture, has acquired a 7,062 SF retail building located at 2948 North Federal Highway, Fort Lauderdale, FL for a purchase price of $2,705,000. The property last sold for $3,850,000 in 2005.
The building is strategically located on US1 just south of Oakland Park Blvd, with traffic counts in excess of 53,000 cars per day. Neighboring retailers include Trader Joe’s, Orchard Supply, Ethan Allen, Ferguson Bath, BestBuy, and Dick’s.
The building, formerly occupied by Fidelity Investments, was purchased vacant. While under due diligence, the MMG joint venture signed a long-term lease with Natuzzi Italia to occupy the building.
MMG Principal Gabriel Navarro stated, “We were attracted to the property given its strong real estate fundamentals. The strong demographics, and the neighboring home furnishing retailers, allowed us to attract Natuzzi Italia to the property for their Fort Lauderdale showroom.
About MMG Equity Partners
MMG Equity Partners is a privately-owned real estate investment company focused on long-term ownership, management, development, and acquisitions of shopping centers in Florida. For more information about MMG Equity Partners, please visit www.mmgequitypartners.com