Marcus & Millichap Closes $25.55 Million Sale of Davie Square Retail Center in Davie, Florida

DAVIE, Fla. — Marcus & Millichap (NYSE: MMI) announced Oct. 2 the sale of Davie Square, a 106,516-square-foot, 30-suite neighborhood retail center in Davie, Florida, for $25,550,000. The seller was Davie Square LLC, a South Florida private investment group, and the buyer was Perkins Realty Management LLC.

Drew A. Kristol and Kirk D. Olson, both senior managing director investments at Marcus & Millichap, represented the seller and procured the buyer, the firm said. Kristol works in the firm's Miami office.

Davie Square Sale: Deal Details

The sale price equates to roughly $239.88 per square foot based on the 106,516 square feet cited by Marcus & Millichap. Davie Square was built in 1998 on 14 acres and is 99% occupied. The center is located at 5503 S. University Drive/Florida State Road 817, near Florida State Road 848/Stirling Road.

"Davie Square is a 99%-occupied, high-performing retail center located along one of Broward County's most heavily trafficked retail corridors in a dynamic location," Kristol said.

Property and Tenant Profile

The tenant roster at the Broward County property includes Memorial Healthcare System, Apna Bazar, Crayons Christian School and Beyond Billiards. Walmart, Target and Home Depot are located nearby.

The mix of healthcare, food retail, education and entertainment tenants differs from retail centers reliant on discretionary-only uses.

Broward County Retail Market Context

South Florida retail fundamentals remained relatively strong in the second quarter of 2026, though Broward County trailed the broader tri-county market. South Florida retail vacancy stood at 3.4%, while Broward County vacancy rose to 4.3% from 4.2% in the first quarter. Broward also recorded negative net absorption of 102,436 square feet, and average asking rents declined to $27.67 per square foot, down 3.4% year over year.

Against that backdrop, Davie Square's 99% occupancy is above the county's vacancy-implied occupancy level.

Marcus & Millichap Transaction Activity

Marcus & Millichap reported approximately $26.2 billion of total sales volume across 4,328 transactions through June 30, 2026, including $17.4 billion of real estate brokerage volume from 2,878 transactions. In the second quarter alone, the firm reported approximately $14.1 billion of total sales volume and $9.5 billion of brokerage volume across 1,530 transactions.

The firm reported second-quarter revenue of approximately $202.9 million and earnings of $0.10 per share, compared with analyst expectations of $192.7 million in revenue and $0.03 per share.

As of Dec. 31, 2025, Marcus & Millichap had 1,808 investment sales and financing professionals in more than 80 offices. The firm closed 8,818 transactions in 2025, with sales volume of approximately $50.9 billion.

Outlook

The Davie Square transaction involves a stabilized, near-fully occupied retail asset in a Broward County market where vacancy edged higher and asking rents declined in the second quarter. Marcus & Millichap's brokerage transaction volume rose year over year in the second quarter.