Vision Real Estate Advisors has successfully arranged the sale of Forum Plaza, a 31,625-square-foot neighborhood retail center located at 8500-8698 NW 44th Street in Sunrise.
The transaction closed at a total volume of $6,641,250, representing a market-topping valuation of $210 per square foot.
Vision REA Managing Directors and Co-Founders Elon Gerberg and Adam Klein directed the transaction and represented both sides in the deal.
Demonstrating strong investor conviction and aggressive demand for the asset, the transaction featured a $325,000 non-refundable, hard deposit placed immediately at contract execution, culminating in a rapid closing process.
The property, which was 92% occupied at the time of sale, had been under the same private ownership for the past 20 years. While Forum Plaza traditionally suffered from a lack of primary frontage along a lower-traffic neighborhood corridor, obstacles that frequently sideline standard marketing efforts, the brokerage team successfully unlocked its deep-seated operational upside.
Rather than focusing on the corridor’s immediate traffic limitations, Gerberg and Klein focused heavily on the heavy, insulated family foot traffic driven by the highly successful, perennially packed family fun center and bowling alley, Strikers Family Entertainment Center, located directly adjacent to the site.
“Every property has its hurdles, but real brokerage is about looking past the street view and showing buyers the actual path to growth,” said Gerberg, who ran lead on the transaction. “By proving the massive amount of daily foot traffic coming from the packed entertainment center next door, we completely changed how investors looked at the location. We mapped out a clear roadmap to upgrade the tenancy and bring below-market rents up to market, which completely took the frontage challenges off the table and built a highly competitive environment.”
The asset’s strong physical and operational fundamentals further fortified investor conviction during the marketing process, pushing the final pricing metrics to the top of the submarket.
“On paper, a lot of buyers might look at a lower-traffic corridor and pass, but we made sure they saw the long-term stability built into this asset,” added Klein. “The building is exceptionally clean, the anchor tenants are highly stable, and the smaller, 1,700-square-foot average suite sizes are in incredibly high demand across Broward County. Achieving $210 per square foot for an asset with these frontage limitations, especially one held by the same owner for two decades, proves that capital will aggressively pursue value-add opportunities when the narrative and fundamentals line up perfectly.”
