Katz Properties has acquired the Pompano Marketplace shopping center in Pompano Beach for $46.8 million. Located at 1255 South Federal Highway, the 239,000 square foot center was built in 1989 and sits on a 19 acre site. Anchored by Wal-Mart, the center last sold for $29 million in 2013 and is 99 percent leased.
“This is our second shopping center acquisition in southeastern Florida, bringing our total investment to just over $75 million in the region in the past 12 months,” said Katz Properties principal Daniel Katz. “We acquired a foothold with Sunshine Plaza in Tamarac, and this opportunity was a perfect next step. We plan to expand in this region going forward and have allocated $250 million in additional investment over the next 36 months in the area.
